Evolution Metals & Technologies Corp (EMAT) News & EventsEMATNews & EventsEvolution Metals & Technologies Corp

Evolution Metals Agrees with Power Authority to Expand Infrastructure to 750 MW

Evolution Metals announced that it has agreed to principal terms with its local power authority regarding a significant expansion of the electrical infrastructure supporting the company's operations in Pohang, Republic of Korea to approximately 750 megawatts, together with the planned expansion of its Pohang manufacturing facility, related land acquisitions and anticipated governmental financial grant of approximately $20.7M. Under the terms, the local power authority, Korea Electric Power Corporation, is expected to increase the electrical infrastructure serving EM&T's Pohang operations from the current 130-megawatt capacity to a 750 MW capacity, with EM&T also having the right of first refusal with respect to additional available power capacity. This is expected to provide substantial additional power infrastructure to support the continued expansion of EM&T's critical materials processing and rare earth permanent magnet manufacturing platform in Pohang, which is a natural location for EM&T's expansion as Pohang is the center of Korea's steel manufacturing industry. Following execution of the power supply documentation, the current implementation plan contemplates the power to be available upon EM&T's facilities expansion and ULVAC equipment installation, planned for November. In connection with the planned expansion of its Pohang operations, EM&T plans to acquire approximately 1.3M square feet of land adjacent to EM&T's current Pohang operations through direct land acquisition from the Pohang City Government on a freehold basis. On this newly acquired land, EM&T intends to expand its existing magnet manufacturing facility footprint from 24,000 square feet to 482,000 square feet. The expanded facility is expected to accommodate EM&T's additional rare earth permanent magnet manufacturing equipment, processing capacity and related infrastructure, including but not limited to, the ULVAC machinery currently set for delivery and installation in November 2026. EM&T's planned expansion of the Pohang facility, together with the increased power availability and related infrastructure enhancements, will support EM&T's production of more than 10,000 metric tons of high performance sintered and bonded magnets, in addition to the Company's previously announced production capacity targets for its planned U.S. industrial campus. EM&T has also received conditional approval for an approximate $20.7M grant from Pohang City and Gyeongbuk Province in connection with the expansion of its Pohang operations, with execution pending acquisition of the property. The grant funding is expected to support plant construction and the purchase of production equipment and infrastructure. KEPCO is expected to fund approximately 90% of the costs of the related substation, cabling, and civil works of the expanded power contract.

Evolution Metals Shares Down 7.6% to $3.89

Evolution Metals is down -7.6%, or -32c to $3.89.

Evolution Metals Included in Russell 3000 and 2000 Indices

Evolution Metals & Technologies announced that the Company has been included on FTSE Russell's preliminary lists of additions to the broad-market Russell 3000 Index and the small-cap Russell 2000 Index as part of FTSE Russell's third-quarter 2026 IPO additions process. The preliminary lists, published August 21, 2026, identify EMAT for addition effective September 21, 2026. Final inclusion remains subject to FTSE Russell's standard review process. "Preliminary inclusion in both the Russell 3000 and Russell 2000 represents an important capital-markets milestone for EM&T and comes at a pivotal stage in the Company's growth," said David Wilcox, Executive Chairman of EM&T.