Evolution Metals Secures Government-Backed Power & Land to Fuel Its Rare Earth Magnet Buildout (NASDAQ: EMAT)

WSW, NY, August 27th, 2026, FinanceWire

A majority state-owned Korean utility, a city government, and a provincial government are now underwriting the same expansion, tied to a production target that would scale EM&T's output roughly tenfold.

Evolution Metals & Technologies Corp. (NASDAQ: EMAT) just got three different government-linked entities behind a single buildout. The company announced that it has agreed to principal terms with Korea Electric Power Corporation (“KEPCO”), the South Korean utility that is majority owned by the national government, to expand the electrical infrastructure at its Pohang manufacturing site from 130 megawatts to 750 MW, a nearly six-fold increase in available power capacity. The power deal arrives alongside a separate land acquisition from the Pohang City Government and a conditional $20.7 million grant from Pohang City and Gyeongbuk Province, all pointed at the same expansion.

KEPCO is expected to fund approximately 90% of the costs for the related substation, cabling, and civil works, and EM&T will hold the right of first refusal on any additional available power capacity. The company is timing power availability to coincide with the delivery and installation of its ULVAC sintered-magnet manufacturing equipment, previously announced for November 2026.

The land sits adjacent to EM&T's current Pohang operations and will be acquired outright on a freehold basis from the Pohang City Government, roughly 1.3 million square feet in total. On it, the company plans to expand its manufacturing facility footprint from 24,000 to 482,000 square feet, a roughly twenty-fold increase, to house the additional rare earth permanent magnet manufacturing equipment, processing capacity, and related infrastructure the expansion requires. The $20.7 million grant (approximately ₩28.3 billion) from Pohang City and Gyeongbuk Province is conditional on completing the property acquisition, with funding earmarked for plant construction and the purchase of production equipment and infrastructure.

Pohang isn't an arbitrary choice. The city is home to POSCO, which worldsteel has named the world's most competitive steelmaker for 15 consecutive years, and the existing industrial base and competitive power rates are part of what EM&T is drawing on as it scales.

“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. 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.”

The power, land, and facility expansion are aimed at a specific number: more than 10,000 metric tons of annual high-performance sintered and bonded magnet production, up from approximately 1,000 tons currently, a target the company has said it's working toward by the end of 2026. That trajectory runs alongside the previously announced ULVAC equipment order, which is set to expand annual capacity to 10,000 metric tons per year, including 6,000 metric tons of high-performance sintered magnets, upon its November 2026 installation.

Both timelines point at the same regulatory backdrop. A Defense Federal Acquisition Regulation Supplement rule, DFARS 252.225-7052, already restricts U.S. defense contractors from delivering magnets melted or produced in China, Russia, Iran, or North Korea. On January 1, 2027, that restriction expands further upstream, to cover the mining and refining stages as well, not just final production.

“With guidance led by US Government policy, we are executing,” said David Wilcox, Executive Chairman of EM&T. “DFARS and tariff implementations are center stage. 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.”

The power agreement, land deal, and grant remain subject to conditions: completion of EM&T's land-use arrangements, execution of definitive power supply documentation, and acquisition of the property underlying the grant. If those steps close as planned, EM&T will have converted principal terms with three government-linked counterparties into the physical infrastructure behind its next stage of production.

Recent News Highlights from Evolution Metals & Technologies Corp. (NASDAQ: EMAT)

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

Evolution Metals & Technologies Corp. Appoints U.S. Air Force General Thomas A. Bussiere (Ret.) to Board of Directors

Evolution Metals & Technologies Appoints Industry Veteran Kenji Konishi to Lead Rare Earth Magnet Engineering Production

Evolution Metals & Technologies Corp. Receives First Non-China NdPr Metal Shipment for Defense-Compliant Rare Earth Magnet Production, Aligning with New White House Executive Order

Evolution Metals & Technologies Corp. Enters into Supply Contract of Non-China, Critical Rare Earth Metals in its Ongoing Magnet Production Operations

Evolution Metals & Technologies Corp. Validates Commercial-Scale Non-China Rare Earth Magnet Supply Capability Ahead of January 2027 DFARS Defense Sourcing Deadline

Evolution Metals & Technologies Enters into Strategic Equipment Purchase Agreements with ULVAC to Scale Annual Rare Earth Magnet Capacity to 10,000 Tons, Including 6,000 Tons of High-Performance Sintered Magnets

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