EVELUTION ENERGY SIGNS LOI TO SUPPLY SUBSTANTIALLY ALL OF ITS U.S. COBALT PRODUCTION TO MITSUI

YUMA, AZ, UNITED STATES, April 28, 2025 /EINPresswire.com/ -- In a groundbreaking development, EVelution Energy, LLC (“EVelution”), a U.S. critical minerals processing company, has signed a letter of intent with Mitsui & Co., Ltd. (“Mitsui”; Head Office: Tokyo; President and CEO: Kenichi), to supply the Japanese metal trader with substantially all of the cobalt metal and cobalt sulfate production from its upcoming cobalt processing facility in Yuma County, Arizona.

This transformational project, which is expected to start construction at the end of 2025 and be fully operational in 2027, addresses the dependency of the United States to Chinese dominated critical minerals supply chains. When fully operational, this American cobalt processing facility is expected to be able to domestically produce up to 40% of estimated U.S. cobalt demand, thereby substantially domesticating and de-risking America’s cobalt supply chain.

Cobalt is a critical mineral that is essential for aerospace alloys (including samarium cobalt alloys for rare earth magnets) and critical defense technologies, as well as high-performance lithium-ion batteries. Currently, more than 75% of the world’s refined cobalt is produced in China, while there are no commercial-scale cobalt processing facilities in the U.S.

Under the terms of the LOI, Mitsui, one of the world’s leading metal traders, and EVelution Energy, have agreed to enter into negotiations for the long-term supply of (i) at least 19,000 metric tons of EV battery-grade cobalt sulfate per year, and (ii) at least 3,000 metric tons of alloy-grade cobalt metal per year.

“We are very excited to partner with Mitsui, one of the leading metal traders in the world. EVelution Energy expects to be the first American commercial-scale producer of refined alloy grade cobalt metal and battery grade cobalt sulfate. With the substantial increase in demand for cobalt from the U.S. defense department and allied aerospace and defense industries, as well as the EV battery industry, it is imperative that the United States join hands with its allies to rapidly develop domestic cobalt processing capabilities to supply its growing defense, aerospace and EV industrial base, in a manner fully independent from China,” said Navaid Alam, President of EVelution Energy.”

Located in a “qualified opportunity zone” in Yuma County, Arizona, EVelution Energy’s solar-powered cobalt processing plant will (i) domesticate a strategically important piece of America’s critical minerals supply chain, (ii) expand the capabilities and resilience of the U.S. defense, aerospace and automotive industrial base, (iii) enhance national security and economic self-sufficiency by de-risking America’s cobalt supply chain from China, and (iv) create new well-paid stable jobs and generate substantial economic growth in an underserved and economically disadvantaged rural area in the State of Arizona.

EVelution Energy’s cobalt processing facility is expected to have a substantial impact on the local economy, generating more than $750 million in economic activity, and creating more than 3,300 direct, indirect and induced new jobs during the life of the project. Moreover, EVelution Energy expects to jointly develop apprenticeship/training programs to train its local workforce at the Wellton Campus of the Arizona Western College.

The Yuma County cobalt processing facility will generate its own solar power and deliver surplus electricity to nearby farmers. It will also recycle approximately 70% of the water it uses and have no tailings, thereby minimizing its impact on the surrounding environment.

This Press Release shall not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such state or jurisdiction.

Need an interview or further information? Please contact EVelution Energy’s Press Office at: media@evelutionenergy.com

ABOUT MITSUI & CO., LTD.
Mitsui & Co. is a global trading and investment company with a presence in more than 60 countries and a diverse business portfolio covering a wide range of industries. The company identifies, develops, and grows its businesses in partnership with a global network of trusted partners including world leading companies, combining its geographic and cross-industry strengths to create long-term sustainable value for its stakeholders.

Mitsui has set three key strategic initiatives for its current Medium-term Management Plan: supporting industries to grow and evolve with stable supplies of resources and materials, and providing infrastructure; promoting a global transition to low-carbon and renewable energy; and empowering people to lead healthy lives through the delivery of quality healthcare and access to good nutrition.

For more information, please visit: https://www.mitsui.com/jp/en/

ABOUT EVELUTION ENERGY
EVelution Energy LLC is developing the first solar-powered commercial-scale processing facility to supply some of the critical minerals that the U.S. electric vehicle, aerospace and defense industries need today. Our solar powered cobalt sulfate and cobalt metal processing plant will be built in a rural economically-disadvantaged “qualified opportunity zone,” in Yuma County, Arizona. The Opportunity Zone Program was established by the U.S. Tax Cuts and Jobs Act of 2017 and provides major tax incentives for investors in U.S. companies, like EVelution Energy, that invest in these economically distressed communities.

Our leadership team of experienced international infrastructure experts is committed to providing the secure supply chain of responsibly sourced, domestically processed critical minerals that U.S. aerospace, defense and automotive manufacturers need to move forward with confidence.

U.S. “accredited investors” interested in investing in this project (Minimum Investment US$200,000) and benefitting from the enormous tax benefits available to U.S. investors under the Opportunity Zone Program, can learn more at www.evelutionenergy.com.

Foreign “accredited investors” interested in investing in this project (Minimum Investment US$800,000) and obtaining U.S. permanent residency (a “green” card) in an expedited manner under the EB-5 Immigrant Investor Program, can learn more at http://www.intermesticeb5.com.

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