Evolution Metals & Technologies Corp. (EMAT) announced a major expansion of its manufacturing operations in Pohang, South Korea, through an agreement to increase its electrical infrastructure capacity nearly six-fold to 750 MW. This expansion, which also includes significant land acquisition and a government grant, is intended to scale the company's rare earth magnet production capacity to approximately 10,000 metric tons annually by November 2026.
Key Details
- Power Expansion: Agreement in principle with Korea Electric Power Corporation (KEPCO) to increase power capacity from 130 MW to 750 MW. KEPCO is expected to fund approximately 90% of the costs for the related substation and infrastructure.
- Facility & Land Acquisition: EMAT plans to acquire 1.3 million square feet of adjacent land to expand its manufacturing facility footprint from 24,000 sq. ft. to 482,000 sq. ft.
- Government Support: The company has received conditional approval for a grant of approximately US$20.7 million (₩ 28.3 billion) from Pohang City and Gyeongbuk Province to support plant construction and equipment purchases.
- Production Target: The combined expansions are designed to support an increase in production capacity to approximately 10,000 metric tons of NdFeB sintered and bonded magnets, with the new power infrastructure expected to be available by November 2026.