Evolution Metals & Technologies Corp. (EMAT) announced that all 57 containers of ULVAC sintered magnet-production equipment have arrived at its facility in Pohang, South Korea. This equipment supports a major expansion project aimed at increasing production capacity tenfold. The company also signed an investment framework with Pohang City to support the expansion, which includes an expected $28 million in local government grant funding.
Key Details
- Production Expansion: Annual rare earth magnet production capacity is expected to increase from ~1,000 to ~10,000 metric tons, including ~6,000 metric tons of high-performance sintered magnets.
- Government Support: The company signed an investment framework with Pohang City on October 27, 2026, and expects to receive approximately US$28 million in grant funding to support the expansion.
- Project Timeline: Commissioning of the new equipment is scheduled to begin in November 2026, with an operational showcase event planned for December 17, 2026.