Evolution Metals & Technologies Corp. has agreed to principal terms with the Korea Electric Power Corporation to expand electrical infrastructure supporting its operations in Pohang, Republic of Korea, from 130 megawatts to approximately 750 megawatts. The nearly six-fold increase supports the company’s target of scaling annual rare earth magnet production capacity to approximately 10,000 metric tons by the end of 2026.

Under the agreed terms, the local power authority is expected to fund approximately 90% of the costs for the substation, cabling, and civil works. EM&T will also hold a right of first refusal for additional power capacity. Following execution of the documentation, the power is scheduled to become available in November 2026 to coincide with facility expansions and equipment installation.

To accommodate the scale-up, EM&T plans to acquire approximately 1.3 million square feet of adjacent land on a freehold basis directly from the Pohang City Government. This expands the manufacturing footprint from 24,000 square feet to 482,000 square feet, housing additional rare earth permanent magnet manufacturing equipment, including thirteen sintered magnet production machines from ULVAC scheduled for November 2026 delivery.

In connection with the site expansion, EM&T has received conditional approval for a grant of approximately US$20.7 million, equivalent to 28.3 billion Korean won, from Pohang City and Gyeongbuk Province. Execution of the grant funding remains pending property acquisition and will support plant construction alongside equipment and infrastructure purchases.

“Securing access to power at this scale is a major strategic milestone for EM&T and, in our view, a meaningful competitive advantage,” said Frank Moon, Chief Executive Officer of EM&T. “This is an enormous amount of energy capacity. We also expect to benefit from extremely attractive power rates. Together, this gives us the infrastructure to continuously operate and materially scale our rare earth magnet manufacturing platform in Pohang and support additional high-value applications over time as we execute our expansion plans.”

— Frank Moon, Chief Executive Officer of EM&T

“With guidance led by US Government policy, we are executing,” David Wilcox, Executive Chairman of EM&T commented. “DFARS and tariff implementations are center stage. Large blocks of reliable power are becoming incredibly difficult to secure as demand for power accelerates across advanced manufacturing, artificial intelligence infrastructure, data centers and other power-intensive industries. With a combination of DFARS compliant material, commercial operating history, operators, inbound expansion equipment, permits, land, power and two allied countries, we have a recipe to permanently untangle supply chain dependency on China for rare earth permanent magnets.”

— David Wilcox, Executive Chairman of EM&T

The expansion follows several supply and financing steps earlier in the year, including a financing agreement of up to $100 million secured with Yorkville Advisors Global, LP in May 2026 and an initial five-metric-ton shipment of non-China neodymium-praseodymium metal received in July 2026.

Read the full announcement: Evolution Metals & Technologies Corp. Announces Major 750 Megawatt Power Infrastructure Expansion to Scale Magnet Production to Approximately 10,000 Metric Tons Annually