EVelution Energy Secures $850M Offtake Agreement for Yuma County Cobalt Facility

EVelution Energy has finalized an $850 million binding offtake agreement with Mitsui & Co. to support the development of a commercial-scale cobalt processing facility in Yuma County, Arizona. Under the five-year agreement, EVelution Energy will supply Mitsui with up to 3,000 metric tons of contained cobalt annually. The project, which is designed to reduce U.S. reliance on foreign-refined critical minerals, will have a total production capacity of up to 7,000 metric tons per year when fully operational.

Located in a federally designated rural qualified opportunity zone, the facility aims to operate with high sustainability standards, including on-site solar power and 70% water recycling. Construction is scheduled to commence in early 2027 with a target completion date by the end of 2029. The project is projected to generate over $750 million in economic activity and create more than 3,300 jobs over its lifespan, supporting U.S. aerospace, EV battery production, and other advanced manufacturing sectors.