EVelution Energy Secures $850 million Cobalt Offtake Agreement with Mitsui, Advancing U.S. and Allied Critical Minerals Independence

YUMA, Ariz.--(BUSINESS WIRE)--EVelution Energy LLC (“EVelution Energy” or the “Company”), a U.S. critical minerals company developing the first commercial-scale cobalt metal and cobalt sulfate processing facility in the United States, today announced the signing of a binding long-term offtake agreement with Mitsui & Co., Ltd. (“Mitsui”; Head Office: Tokyo; President and CEO: Kenichi Hori), valued at approximately $850 million over the five-year term of the agreement (based on current market prices).

Under the terms of the agreement, EVelution Energy will supply Mitsui with a substantial majority of the cobalt metal production from its facility currently under development in Yuma County, Arizona (up to 3,000 metric tons (contained cobalt) per year).

Mitsui’s participation underscores the commercial and strategic relevance of EVelution Energy’s platform and reflects strong demand from U.S. and allied industrial partners for secure and resilient cobalt supply chains.

Strategic Supply Chain Milestone

The agreement comes at a time when the United States and Japan are advancing coordinated measures to strengthen allied supply chains and address non-market distortions in critical minerals.

More than 75% of global refined cobalt production comes from China, while the United States has no commercial-scale domestic cobalt processing infrastructure. The planned facility is designed to address this structural vulnerability by establishing secure domestic refining capacity aligned with U.S. industrial base resilience priorities.

When fully operational, the facility is expected to produce an aggregate of up to 7,000 metric tons (contained cobalt) per year of cobalt sulfate and/or cobalt metal. At projected capacity, the facility is expected to supply a substantial portion of U.S. cobalt demand across aerospace and the U.S. industrial base, EV batteries, and other advanced manufacturing applications.

Cobalt is a critical input not just in EV batteries, but also in jet engine superalloys, satellite systems, permanent magnets (including samarium cobalt (SmCo) magnets), high performance microchips, and other critical advanced technologies.

“This agreement represents a strategic milestone for EVelution Energy in advancing U.S. critical mineral processing capacity,” said Navaid Alam, President & CEO of EVelution Energy. “Establishing secure cobalt processing infrastructure in the United States is essential to strengthening the resilience of the U.S. industrial base and reducing long-term strategic dependence on non-allied refining capacity.”

Strengthening Allied Industrial Cooperation

The offtake agreement establishes a long-term commercial framework supporting the development of U.S. refining capacity while advancing deeper U.S.–Japan industrial coordination in strategic materials essential to the industrial base.

The Yuma County facility will be located in a federally designated rural qualified opportunity zone and is designed to generate its own solar power, recycle approximately 70% of its process water, and operate without on-site tailings storage or disposal. The project aligns with U.S. federal initiatives, including programs under the Defense Production Act, aimed at reshoring critical mineral processing capacity.

Construction of the facility is currently expected to commence in early 2027, with completion targeted by the end of 2029. This project is expected to have a substantial economic impact on Yuma County, generating more than $750 million in economic activity and creating more than 3,300 direct, indirect and induced jobs over the life of the project.

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.

ABOUT EVELUTION ENERGY

EVelution Energy LLC is developing the first solar-powered commercial-scale cobalt sulfate and cobalt metal processing facility in the United States, designed to establish secure and resilient domestic refining capacity for the U.S. aerospace, defense, electric battery and advanced manufacturing sectors.

The facility will be constructed in a rural qualified opportunity zone in Yuma County, Arizona. The Opportunity Zone Program, originally established under the U.S. Tax Cuts and Jobs Act of 2017 and subsequently made permanent under federal law, provides long-term tax certainty and enhanced incentives for investors supporting strategic domestic manufacturing and community revitalization.

EVelution Energy’s leadership team brings extensive experience in international infrastructure development, capital markets structuring, and strategic project execution, with a focus on building a resilient U.S. critical minerals platform.

Learn more at www.evelutionenergy.com.

Cautionary Statement Concerning Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements are not historical facts and EVelution Energy has based these statements on management’s current expectations and assumptions. Forward-looking statements involve inherent risks and uncertainties, and a number of factors could cause actual results to differ materially from those contained in any forward-looking statement. These factors include, but are not limited to, (i) regulatory or policy changes affecting advanced manufacturing, defense procurement, or federal critical minerals initiatives and/or the funding available to the Export Import Bank under the Make More in America initiative, (ii) potential construction delays, supply chain issues, governmental approvals and regulatory, environmental or other issues encountered in connection with the development and construction of the facility, (iii) growth in U.S. demand for defense, aerospace, and advanced manufacturing applications utilizing refined cobalt products, (iv) capital and credit market volatility, (v) local and global economic conditions, (vi) changes within USCIS relating to projects that qualify for priority treatment, and (vii) our future business development, results of operations and financial condition. In some cases, forward-looking statements can be identified by words or phrases such as “may,” “will,” “expect,” “anticipate,” “target,” “aim,” “estimate,” “intend,” “plan,” “believe,” “potential,” “continue,” “is/are likely to” or other similar expressions. All information provided in this press release is as of the date of this press release, and EVelution Energy undertakes no duty to update such information, except as required under applicable law.”

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 Medium-term Management Plan 2026: 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/