Evolution Metals (EMAT) targets 10,000-ton rare earth magnet output
Rhea-AI Filing Summary
Evolution Metals & Technologies Corp. (EMAT) reported that it has agreed to principal terms with Korea Electric Power Corporation (KEPCO) to expand electrical capacity for its Pohang, South Korea operations from 130 MW to 750 MW, with a right of first refusal for additional capacity. KEPCO is expected to fund about 90% of the related substation, cabling and civil works. EM&T plans to acquire roughly 1.3 million square feet of adjacent land on a freehold basis and expand its magnet manufacturing facility footprint from 24,000 to 482,000 square feet.
The company expects this power and facility expansion, together with previously announced ULVAC equipment, to support scaling rare earth magnet production from about 1,000 to more than 10,000 metric tons annually by late 2026. EM&T has received conditional approval for an approximate US$20.7 million (₩28.3 billion) grant from Pohang City and Gyeongbuk Province to support plant construction and equipment. These arrangements remain subject to completion of land-use agreements and execution of definitive power supply documentation, and EM&T highlights construction, regulatory, funding, and execution risks in its forward-looking statements.
Positive
- Power capacity increased from 130 MW to 750 MW agreed in principle, with KEPCO expected to fund about 90% of substation, cabling and civil works, materially strengthening infrastructure for long-term manufacturing scale-up.
- Planned expansion of Pohang magnet facility from 24,000 to 482,000 sq ft on 1.3 million sq ft of newly acquired land is expected to support more than 10,000 metric tons of annual rare earth magnet production by end 2026.
- EM&T has received conditional approval for an approximate US$20.7 million (₩28.3 billion) governmental grant to support plant construction and production equipment, reducing the company-funded share of the expansion.
Negative
- The contemplated power supply and land-use arrangements, including the US$20.7 million grant, are conditional and remain subject to completion of land-use agreements and execution of power documentation, introducing regulatory and counterparty execution risk.
- EM&T cites multiple risks to achieving more than 10,000 metric tons of annual magnet production by end 2026, including construction and engineering delays, equipment delivery and commissioning, availability and timing of electrical capacity, and financing and supply-chain constraints.
Insights
Analyzing...
8-K Event Classification
Key Figures
Key Terms
right of first refusal financial
freehold basis financial
conditional approval financial
rare earth permanent magnets technical
forward-looking statements regulatory
DFARS regulatory
FAQ
What power expansion did EMAT announce for its Pohang operations?
How will EMAT’s Pohang manufacturing footprint change under this plan?
What production capacity targets did EMAT disclose for magnets by end of 2026?
What government financial support did EMAT report in this 8-K for EMAT?
Will EMAT benefit from any power pricing advantages in Pohang?
AI-generated analysis. How Rhea-AI works. Not financial advice.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM
CURRENT REPORT
Pursuant to Section 13 OR 15(d) of the Securities Exchange Act of 1934
Date of report (Date of earliest event reported):
(Exact name of registrant as specified in its charter)
| (State or other jurisdiction of incorporation or organization) |
(Commission File Number) | (IRS Employer Identification No.) |
(Address and zip code of principal executive offices)
(Registrant’s telephone number, including area code)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
| Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
| Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
| Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
| Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||
| The |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant
has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant
to Section 13(a) of the Exchange Act.
Item 7.01 Regulation FD Disclosure
On August 27, 2026, Evolution Metals & Technologies Corp. (the “Company”) announced that it has agreed to principal terms with its existing power provider, Korea Electric Power Corporation (“KEPCO”), regarding a significant expansion of the electrical infrastructure supporting the Company’s manufacturing operations in Pohang, Republic of Korea, including an increase from the current 130 megawatt (“MW”) capacity to a 750 MW capacity, including the right of first refusal with respect to additional available power capacity, as well as plans to expand its existing Pohang manufacturing facility, related land arrangements, and anticipated Korean governmental financial support for EM&T’s expansion.
The Company currently expects the electrical infrastructure to be more than sufficient for the expansion plans to the existing commercial magnet operations in Pohang, including an immediate capacity increase to approximately 10,000 metric tons of NdFeB Sintered and Bonded Magnets in November 2026.
KEPCO is expected to fund approximately 90% of the costs for the related substation, cabling, and civil works of the expanded power contract.
In conjunction, EM&T has agreed to acquire approximately 1.3 million square feet of land adjacent to EM&T’s current Pohang operations through a 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, together with a conditional approval for approximately US$20.7 million (₩ 28.3 billion) grant from Pohang City and Gyeongbuk Province.
The contemplated power supply arrangement remains subject to completion of the Company’s land-use arrangements with the applicable regional government and the subsequent execution of applicable power supply documentation.
The expansion plans are all expected to support, and be aligned with, the previously announced production capacity expansion resulting from the acquisition and installation of additional machinery from ULVAC in November 2026 .
A copy of the press release announcing the foregoing is furnished as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated herein by reference.
The information contained in this Item 7.01, including Exhibit 99.1, is being furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section, nor shall such information be deemed incorporated by reference into any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as expressly set forth by specific reference in such filing.
Cautionary Statement Regarding Forward-Looking Statements
This Current Report on Form 8-K contains forward-looking statements within the meaning of the federal securities laws, including the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include, but are not limited to, statements regarding the contemplated expansion of electrical infrastructure supporting the Company’s Pohang operations; the contemplated increase from 130 MW to 750 MW; the anticipated ability of the expanded electrical infrastructure to support continuous operation of the Company’s Pohang facilities and planned expansion; anticipated infrastructure funding arrangements; expected electricity costs and power economics; completion of the Company’s land-use arrangements; the planned expansion of the Company’s Pohang manufacturing facility; the anticipated receipt, amount and use of governmental grants, incentives or other financial support; completion and execution of applicable power supply documentation; and the Company’s planned expansion of its Pohang operations and permanent magnet manufacturing capacity. These forward-looking statements are based on management’s current expectations, estimates and assumptions and are subject to risks, uncertainties and other factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements. Such risks and uncertainties include, among others, the Company’s ability to complete the applicable land-use arrangements and power supply documentation; changes in the contemplated terms of the power infrastructure arrangements; the ability of the applicable power provider and other counterparties to perform their obligations; changes in infrastructure costs or funding arrangements; construction and engineering delays; the timing and availability of additional electrical capacity; the Company’s ability to complete its planned facility expansion; the availability and timing of governmental grants, incentives or other financial support and the Company’s ability to satisfy any conditions applicable thereto; permitting and regulatory requirements; equipment delivery and commissioning; the Company’s ability to achieve contemplated production levels; changes in electricity costs; supply chain conditions; availability of financing; and the other risks and uncertainties described in the Company’s filings with the U.S. Securities and Exchange Commission. Forward-looking statements speak only as of the date they are made. The Company undertakes no obligation to update or revise any forward-looking statements to reflect events or circumstances occurring after the date of this Current Report on Form 8-K, except as required by applicable law.
1
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits.
The following exhibits are being furnished herewith:
| Exhibit No. | Description | |
| 99.1 | Press Release dated August 27, 2026. | |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document). |
2
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Dated: August 27, 2026
| Evolution Metals & Technologies Corp. | ||
| By: | /s/ Christopher Clower | |
| Name: | Christopher Clower | |
| Title: | Chief Financial Officer and Chief Operating Officer | |
3
Exhibit 99.1
Evolution Metals & Technologies Corp. Announces Major 750 Megawatt Power Infrastructure Expansion to Scale Magnet Production to Approximately 10,000 Metric Tons Annually
Agreement provides for expansion of electrical infrastructure serving EM&T’s Pohang operations from the current 130 MW capacity to 750 MW, a nearly six-fold increase in available power capacity
EM&T’s expansion in power, land, magnet manufacturing facilities and the recent magnet production equipment purchase are the essential infrastructure for EM&T to scale from 1,000 tons to 10,000 tons of rare earth magnet production by end 2026
EM&T’s Pohang magnet manufacturing expansion plans also include a larger manufacturing facility and additional land, and conditional approval of a connected $20.7 Million Dollar Grant from the Korean Government
MIAMI, FL, August 27, 2026 — Evolution Metals & Technologies Corp. (“EM&T” or the “Company”) (Nasdaq: EMAT), a U.S.-based critical materials and advanced manufacturing company, today 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 US$20.7 million.
Under the terms, the local power authority, Korea Electric Power Corporation (“KEPCO”), is expected to increase the electrical infrastructure serving EM&T’s Pohang operations from the current 130-megawatt (“MW”) 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 2026.
In connection with the planned expansion of its Pohang operations, EM&T plans to acquire approximately 1.3 million 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 US$20.7 million (₩28.3 billion) 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. The Company also expects to benefit from highly competitive power rates in Pohang, which it believes will further enhance the scalability and cost competitiveness of its planned magnet manufacturing operations.
“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. We also expect to benefit from extremely attractive power rates. 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 global markets are at a critical moment and the government of Korea and related public and private companies are stepping up big in our mission to reshape the current landscape as we move towards building a meaningful, reliable, and continuous supply chain for the Western world. We expect to continuously execute on our expansion timelines with a foundation of our existing operations, world class operators, and partners delivering power, land, and equipment.”
“With guidance led by US Government policy, we are executing,” David Wilcox, Executive Chairman of EM&T commented. “DFARS and tariff implementations are center stage. Large blocks of reliable power are becoming incredibly difficult to secure as demand for power accelerates across advanced manufacturing, artificial intelligence infrastructure, data centers and other power-intensive industries. 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. Our Board and Management team are led by U.S. defense veterans, world class operators, and visionaries that are determining the future of magnet production.”
About Evolution Metals & Technologies Corp.
Evolution Metals & Technologies Corp. (Nasdaq: EMAT) is a U.S.-based critical materials and advanced manufacturing company for rare earth permanent magnets, battery materials, and related critical minerals and technologies. By leveraging proven commercial-scale operations, advanced processing technologies, and strategic partnerships, EM&T operates what it believes is the only vertically integrated critical materials supply chain spanning end-of-life electronics and batteries, high-grade concentrates, and the manufacture of finished rare earth magnets (including high-performance rare earth magnets) and battery materials. For additional information, please visit https://investors.evolution-metals.com and follow the Company on LinkedIn.
Cautionary Note Regarding Forward-Looking Statements
This press release may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, Section 21E of the Securities Exchange Act of 1934, as amended, and the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements include, but are not limited to, statements regarding the contemplated expansion of electrical infrastructure supporting EM&T’s Pohang operations; the contemplated increase from 130 MW to 750 MW; the anticipated ability of the expanded electrical infrastructure to support continuous operation of EM&T’s Pohang facilities and planned expansion; anticipated infrastructure funding arrangements; expected power economics; completion of the Company’s land-use arrangements; the planned expansion of the Company’s Pohang manufacturing facility; the anticipated receipt, amount and use of governmental grants, incentives or other financial support; execution of applicable power supply documentation; and EM&T’s plans to expand its critical materials processing and permanent magnet manufacturing operations. These forward-looking statements, together with terms such as anticipate, expect, intend, may, will, should, believe, positioned and other comparable terms, involve risks and uncertainties because they relate to events and depend on circumstances that will occur in the future. Such risks include, among others, the Company’s ability to obtain the funding necessary to complete the applicable land-use arrangements; the Company’s ability to complete the applicable land-use arrangements and execute power supply documentation; changes in the contemplated terms of the power infrastructure arrangements; the ability of the applicable power provider and other counterparties to perform their obligations; changes in anticipated infrastructure costs, funding arrangements, power availability or pricing; the Company’s ability to complete its planned facility expansion; the availability and timing of governmental grants, incentives or other financial support and the Company’s ability to satisfy any conditions applicable thereto; infrastructure, engineering and construction delays; permitting and regulatory requirements; equipment delivery and commissioning; the Company’s ability to achieve contemplated production levels; financing, supply-chain and market risks; and the other risks described in EM&T’s filings with the U.S. Securities and Exchange Commission. Forward-looking statements are not guarantees of future performance, and actual results, performance or achievements may differ materially from those expressed or implied. Readers are cautioned not to place undue reliance on these statements, which speak only as of the date made. EM&T undertakes no obligation to update any forward-looking statement except as required by law. Additional information concerning factors that may affect EM&T’s expectations and projections is contained in its Annual Report on Form 10-K for the year ended December 31, 2025, filed with the SEC on February 20, 2026, its Quarterly Report on Form 10-Q for the three and six months ended June 30, 2026, filed with the SEC on August 17, 2026, including the disclosures under “Risk Factors” therein, and other documents filed or to be filed with the SEC by EM&T. SEC filings are available at www.sec.gov.
Investor Relations Contacts
Judith McGarry
Evolution Metals & Technologies Corp.
investor.relations@evolution-metals.com
Arx Investor Relations
North American Equities Desk
EMAT@arxhq.com