EVelution Energy
EVelution Energy is a pre-revenue industrial developer building the first solar-powered, commercial-scale cobalt refining facility in the United States, producing battery-grade cobalt sulfate and alloy-grade cobalt metal for the EV battery, aerospace, and defense supply chains.
- Company typePrivate
- Founded2023
- HeadquartersYuma, United States
- Headcount1–10
- GTM typeB2B
- OfferingHardware or Manufacturing
What EVelution Energy does
EVelution Energy is a pre-revenue, Arizona-domiciled industrial developer building the first solar-powered commercial-scale cobalt processing facility in the United States, located in a federally designated rural Qualified Opportunity Zone in Yuma County between Tacna and Dateland. The company is a wholly owned subsidiary of the EVelution Energy QOZ Fund, LP, and operates as a single-asset, single-site infrastructure platform. Construction is scheduled to begin in early 2027, with mechanical completion targeted for the end of 2029.
The facility is engineered around a hydrometallurgical refining circuit that processes approximately 24,000 metric tons per year of cobalt hydroxide feedstock (about 30% cobalt content) into two product streams: up to 20,000 metric tons of EV battery-grade cobalt sulfate (~20.5% cobalt content, equivalent to ~4,000 tpa of contained cobalt) and up to 3,000 metric tons of alloy-grade cobalt metal. Aggregate refined cobalt output is sized at up to 7,000 metric tons per year of contained cobalt, equivalent to roughly 40% of projected U.S. cobalt demand. The process is designed to be fully solar-powered using on-site arrays, battery storage, and grid interconnection, with solar thermal warming process solutions to eliminate propane and natural gas usage; water is sourced from deep artesian wells and recycled at approximately 70%, with no on-site tailings storage and no discharge to local groundwater.
Revenue will be generated exclusively through B2B sales of refined cobalt products under long-term binding offtake agreements to a small set of enterprise customers. The primary contracted channel is a binding five-year, approximately $850 million offtake with Mitsui & Co., Ltd. covering up to 3,000 metric tons of cobalt metal per year and the majority of cobalt sulfate output. Cobalt sulfate is sold into the EV battery supply chain (cathode and cell manufacturers, IRA-qualified), and cobalt metal is sold into aerospace, defense, and strategic stockpile customers. GTM is enterprise field sales with multi-year contracts, anchored by national security and supply-chain resilience narratives and supported by government endorsements, ECA financing (EXIM, Finnvera), and EB-5 capital. Marketing and demand generation rely primarily on government announcements, bilateral partnership press, and earned media rather than traditional channels.
EVelution Energy firmographics
Firmographics- Name
- EVelution Energy
- Legal name
- EVelution Energy LLC
- Website
- https://evelutionenergy.com
- Company type
- Private
- Founded year
- 2023
- Operating status
- Operating
- Headcount range
- 1–10 employees
- Short description
- EVelution Energy is a pre-revenue industrial developer building the first solar-powered, commercial-scale cobalt refining facility in the United States, producing battery-grade cobalt sulfate and alloy-grade cobalt metal for the EV battery, aerospace, and defense supply chains.
- Ownership category
- akta.pro rank
EVelution Energy industry classification
Industry- Product category
- Cobalt Refining and Processing
- NAICS
- Nonferrous Metal (except Aluminum) Smelting and Refining (33141)
- SIC
- Primary Smelting & Refining Of Nonferrous Metals (3330)
- akta.pro primary industry
- Battery Raw Materials Mining & Refining (Lithium, Nickel, Cobalt, Manganese, Graphite) (EUAFABAA)
- akta.pro secondary industries
- Cobalt Mining & Refining (IMAKAFAC), Battery Materials Refining & Re-Manufacturing Feedstocks (Li, Ni, Co, Mn, Graphite Salts) (EUAIAIAJ)
Keywords
Where EVelution Energy is headquartered
LocationHeadquarters
- HQ city
- Yuma
- HQ country
- United States
- HQ region
- North America
Offices2 records
Markets served
EVelution Energy business model
Business model- GTM type
- B2B
- Offering type
- Hardware or Manufacturing
- Cost components
- Infrastructure, Supply Chain, Operations, Personnel, Technology or R&D, Marketing or Sales
Revenue model
- Cobalt Metal and Cobalt Sulfate Sales: EVelution Energy generates revenue by processing cobalt hydroxide feedstock into refined cobalt products — alloy-grade cobalt metal and battery-grade cobalt sulfate — and selling them under long-term offtake agreements to industrial customers. Cobalt metal is sold primarily to aerospace, defense, industrial, and strategic stockpile customers; cobalt sulfate is sold to EV battery supply-chain customers. Revenue is secured through binding multi-year offtake contracts, with the primary agreement valued at approximately $850 million over five years.
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Other | Multi-year contract | Binding long-term offtake agreement — ~$850 million over five years |
Go-to-market motion1 record
Distribution channels1 record
Marketing channels6 records
EVelution Energy product offering
Product offeringCore offering
EVelution Energy operates the first solar-powered commercial-scale cobalt processing facility in the United States, located in Yuma County, Arizona. The company converts cobalt hydroxide feedstock into battery-grade cobalt sulfate (for EV battery supply chains) and alloy-grade cobalt metal (for aerospace, defense, and industrial applications) using hydrometallurgical refining. The facility is designed to process approximately 24,000 metric tons of cobalt hydroxide feedstock annually, producing up to 20,000 metric tons of cobalt sulfate and up to 3,000 metric tons of cobalt metal.
Product overview
EVelution Energy is developing the first solar-powered commercial-scale cobalt processing facility in the United States, located in Yuma County, Arizona. The company operates a single integrated facility that processes cobalt hydroxide feedstock into two primary refined cobalt products: battery-grade cobalt sulfate for the electric vehicle supply chain and alloy-grade cobalt metal for aerospace, defense, and strategic industrial applications. The facility is designed to handle approximately 24,000 metric tons of cobalt hydroxide feedstock annually, producing up to 20,000 metric tons of EV battery-grade cobalt sulfate and up to 3,000 metric tons of alloy-grade cobalt metal, expected to meet up to 40% of projected U.S. cobalt demand.
Differentiator
Problem solved
Functional benefit
Products and services
- Battery-Grade Cobalt Sulfate EV battery-grade cobalt sulfate (approximately 20.5% cobalt content) produced from cobalt hydroxide feedstock at the solar-powered Yuma County facility. Sold primarily to EV battery supply-chain customers including cathode producers, battery cell manufacturers, and automotive OEMs requiring domestically produced, IRA-qualified cobalt sulfate.
- Alloy-Grade Cobalt Metal
Quantifiable outcome
- Up to 40% of projected U.S. refined cobalt demand met by domestic production
- +3 more outcomes
Companies that use EVelution Energy
Customer profileNamed customers1 record
Segments3 records
Ideal customer profiles2 records
EVelution Energy technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Feature3 records
EVelution Energy partnerships and signals
Strategic signalPartnerships
Seven partnerships are on record, tiered major and core.
- Metso OyjmajorFinland-based global leader in sustainable technologies and equipment for mining and metals industries, expected to serve as one of the principal equipment and technology suppliers for the Arizona cobalt refining facility. Finnvera's proposed ~$70 million financing package is tied to the procurement of hydrometallurgical processing equipment and associated engineering services from Metso. Construction and design previously managed with M3 Engineering and Metso Outotec.
- Entreprise Générale du Cobalt (EGC)coreTripartite MOU signed in Madrid (May 13, 2026) between EGC, EVelution Energy, and Trafigura to establish a direct U.S.–DRC cobalt supply chain. EGC (state-owned subsidiary of Gécamines, DRC) holds exclusive mandate to purchase, process, and commercialize cobalt from artisanal mining in the DRC. The MOU covers long-term supply of Congolese cobalt hydroxide to EVelution's Arizona facility and explores EGC minority equity participation in EVelution's refining infrastructure and local cobalt refining capacity development in the DRC.
- Trafigura Pte Ltd.coreTrafigura provides supply chain, logistics, and marketing services under the tripartite MOU with EGC and EVelution Energy (May 2026). As a shareholder of the Lobito Atlantic Railway, Trafigura enables the use of the 1,300km rail line linking DRC copperbelt to the Lobito port on Angola's Atlantic coast, reducing inland transit times to approximately 7 days. Trafigura has previously cooperated with EVelution under an October 2022 MOU for the development of the battery-grade cobalt sulfate processing facility.
- Mitsui & Co., Ltd.coreBinding five-year offtake agreement valued at approximately $850 million (based on current market prices). EVelution Energy will supply Mitsui with up to 3,000 metric tons of cobalt metal per year from its Arizona facility, covering a substantial majority of cobalt metal production. Separate negotiations on cobalt sulfate offtake terms were ongoing. The agreement reflects strong demand from U.S. and allied industrial partners for secure and resilient cobalt supply chains and strengthens allied supply chains between the U.S. and Japan.
- GlencoremajorLetter of Intent signed with EVelution Energy to support development of the U.S. cobalt processing facility. Glencore — one of the world's largest global diversified natural resource companies and largest cobalt producers — to supply up to 7,000 metric tons of contained cobalt per year of cobalt hydroxide feedstock for EVelution's remaining feedstock requirements, with potential to increase supply if the facility expands. Parties also discussed potential offtake of up to full production of cobalt sulfate and hedging and working capital solutions.
- Eurasian Resources Group (ERG)majorPreliminary five-year supply agreement signed in October 2023 for cobalt hydroxide feedstock equivalent to up to 3,000 metric tons of contained cobalt metal per year — securing nearly half of EVelution Energy's annual feedstock requirements. ERG, headquartered in Luxembourg, plans to supply cobalt hydroxide from its flagship Metalkol production facility in the DRC. ERG is a founding member of the Global Battery Alliance and one of the world's largest diversified natural resource groups.
- TrafiguramajorMOU signed in October 2022 to support the development of a battery-grade cobalt sulfate processing facility in Arizona. Trafigura — one of the world's largest physical commodity traders — committed to supporting the development and providing logistics and supply chain services for the project. This MOU laid the groundwork for the subsequent May 2026 tripartite MOU with EGC.
Scale indicators6 records
Recent moves6 records
Expansion highlights5 records
EVelution Energy competitors and assessment
Company assessmentDirect peers
- Electra Battery Materials: Canadian battery materials company building a hydrometallurgical refinery in Ontario to produce battery-grade cobalt sulfate for the North American EV supply chain. Closest direct comparable to EVelution Energy in terms of business model, refining technology (hydrometallurgy) and target customer base (IRA-qualifying EV battery makers).
- Umicore: Belgian materials technology group that operates one of the world's largest cobalt refining operations and produces battery cathode precursors. Directly comparable as a nonferrous metal refiner producing battery-grade cobalt products for the EV supply chain, though much larger and globally diversified.
- Sumitomo Metal Mining: Japanese nonferrous metals producer and refiner with major cobalt refining and battery cathode operations. Direct comparable as an integrated cobalt refiner supplying Japanese industrial customers (similar to the Mitsui relationship) with cobalt sulfate and metal products.
- Huayou Cobalt: China-headquartered cobalt refiner and cathode precursor producer, one of the world's largest cobalt chemical processors. Direct competitor in cobalt sulfate refining, though operating at large scale with an integrated African mining footprint.
- Jervois Mining (Jervois Global): Australia/Finland-based cobalt and nickel producer with refining operations in Finland and a U.S./Brazil development pipeline. Direct peer as a non-Chinese cobalt refiner targeting Western battery and defense supply chains.
- Sherritt International: Canadian nickel and cobalt producer and refiner operating hydrometallurgical facilities (Moa JV in Cuba). Comparable as a non-Chinese hydrometallurgical cobalt refiner serving the Western EV and industrial markets.
Broad incumbents
- China Molybdenum (CMOC): Chinese mining and metals company operating the massive Tenke Fungurume cobalt-copper mine in the DRC — directly comparable as a major vertically integrated cobalt producer and refiner serving the global battery supply chain.
- Glencore: One of the world's largest cobalt producers (via DRC operations) and diversified miner-trader with refining capability. Comparable as both a feedstock supplier to EVelution and a vertically integrated competitor in global cobalt refining and trading.
- Eurasian Resources Group (ERG): Luxembourg-headquartered diversified miner and one of the world's largest cobalt producers via the Metalkol facility in the DRC. Comparable as a major cobalt feedstock producer supplying EVelution and competing in global cobalt markets.
Emerging players
- Redwood Materials: U.S.-based battery materials and recycling company producing cathode active materials and refining critical battery materials domestically. Emerging comparable as a U.S.-domiciled battery materials processor targeting IRA-qualifying supply chains, though focused on recycling-based feedstocks.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat6 records
Key risks7 records
Key highlights7 records
Customer concentration
EVelution Energy social profiles
Digital presenceEVelution Energy financial estimates
Financial estimateRevenue estimate
Valuation estimate
EVelution Energy leadership team
Management profileNumber of profiles
Profiles7 records
EVelution Energy funding detail
Funding detailFunding overview
Funding rounds1 record
Investors1 record
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
EVelution Energy M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about EVelution Energy
What does EVelution Energy do?
EVelution Energy operates the first solar-powered commercial-scale cobalt processing facility in the United States, located in Yuma County, Arizona. The company converts cobalt hydroxide feedstock into battery-grade cobalt sulfate (for EV battery supply chains) and alloy-grade cobalt metal (for aerospace, defense, and industrial applications) using hydrometallurgical refining. The facility is designed to process approximately 24,000 metric tons of cobalt hydroxide feedstock annually, producing up to 20,000 metric tons of cobalt sulfate and up to 3,000 metric tons of cobalt metal.
Is EVelution Energy a public or private company?
EVelution Energy is a private company. It is classified as venture growth investor backed and is currently operating.
When was EVelution Energy founded?
EVelution Energy was founded in 2023. It employs 1 to 10 people.
Where is EVelution Energy based?
EVelution Energy is headquartered in Yuma, United States, in the North America region.
How does EVelution Energy make money?
One revenue line is on record: cobalt Metal and Cobalt Sulfate Sales.
Who are EVelution Energy's main competitors?
Direct peers on record are Electra Battery Materials, Umicore, Sumitomo Metal Mining, Huayou Cobalt, Jervois Mining (Jervois Global) and Sherritt International. Broad incumbents are China Molybdenum (CMOC), Glencore and Eurasian Resources Group (ERG). Redwood Materials is listed as an emerging player.
Does EVelution Energy have an API?
No public API is recorded for EVelution Energy.
What industry is EVelution Energy in?
EVelution Energy's product category is Cobalt Refining and Processing. Its primary akta.pro industry code is EUAFABAA, Battery Raw Materials Mining & Refining (Lithium, Nickel, Cobalt, Manganese, Graphite), with a secondary code of IMAKAFAC, Cobalt Mining & Refining. Its NAICS code is 33141 and its SIC code is 3330.