Evolution Metals & Technologies Corp. filed a Form 8-K on August 27, 2026, disclosing agreed principal terms with Korea Electric Power Corporation for a major electrical infrastructure expansion and related manufacturing facility growth at its Pohang, Republic of Korea operations.

Key Highlights

  • Power capacity increase: The company agreed to principal terms to expand electrical capacity at its Pohang facility from the current 130 MW to 750 MW, along with a right of first refusal on additional available power capacity.
  • KEPCO funding share: Korea Electric Power Corporation is expected to fund approximately 90% of the costs for the related substation, cabling, and civil works under the expanded power contract.
  • Land acquisition: Evolution Metals & Technologies agreed to acquire approximately 1.3 million square feet of land adjacent to its current Pohang operations from the Pohang City Government on a freehold basis.
  • Facility footprint expansion: The company intends to expand its existing magnet manufacturing facility from 24,000 square feet to 482,000 square feet on the newly acquired land.
  • Government grant: The filing discloses a conditional approval for approximately US$20.7 million (Korean Won 28.3 billion) in grants from Pohang City and Gyeongbuk Province.
  • Near-term capacity target: The company currently expects an immediate capacity increase to approximately 10,000 metric tons of NdFeB Sintered and Bonded Magnets in November 2026.

Evolution Metals Details Pohang Power and Facility Expansion Terms

According to the filing, Evolution Metals & Technologies Corp. (NASDAQ:EMAT) announced on August 27, 2026, that it has agreed to principal terms with Korea Electric Power Corporation ("KEPCO") for a significant expansion of the electrical infrastructure supporting its manufacturing operations in Pohang, Republic of Korea. The agreement contemplates increasing power capacity from the current 130 MW to 750 MW, and also includes a right of first refusal with respect to additional available power capacity. The company disclosed that KEPCO is expected to fund approximately 90% of the costs for the substation, cabling, and civil works associated with the expanded power contract.

In conjunction with the power arrangement, the filing states that Evolution Metals & Technologies has agreed to acquire approximately 1.3 million square feet of land adjacent to its current Pohang operations through a direct acquisition from the Pohang City Government on a freehold basis. On this land, the company intends to expand its existing magnet manufacturing facility footprint from 24,000 square feet to 482,000 square feet. The filing also notes a conditional approval for approximately US$20.7 million (Korean Won 28.3 billion) in grants from Pohang City and Gyeongbuk Province.

The filing states that 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 company currently expects the expanded electrical infrastructure to be "more than sufficient" for its expansion plans, including an immediate capacity increase to approximately 10,000 metric tons of NdFeB Sintered and Bonded Magnets in November 2026. The filing notes the expansion plans are expected to support the previously announced production capacity expansion resulting from the acquisition and installation of additional machinery from ULVAC in November 2026. The disclosure was furnished under Item 7.01 Regulation FD and is not deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934. The filing contains forward-looking statements that the company cautions are subject to risks and uncertainties, as described in its regulatory filings.

What Was Disclosed

Evolution Metals & Technologies Corp. disclosed principal terms for a Pohang power capacity increase from 130 MW to 750 MW with KEPCO, a land acquisition of approximately 1.3 million square feet from Pohang City Government, a planned facility expansion, and conditional governmental grant approval of approximately US$20.7 million.