Evolution Metals Plans 750-MW Power Expansion in South Korea; Gets Conditional Approval for $20.7 Million Grant

09:18 AM EDT, 08/27/2026 (MT Newswires) -- Evolution Metals & Technologies (EMAT) has agreed to principal terms with Korea Electric Power to expand electrical infrastructure supporting its Pohang, South Korea, operations to about 750 megawatts from 130 MW, the company said Thursday. The company received conditional approval for a $20.7 million grant from the South Korean government to support plant construction, equipment and infrastructure, it said. Evolution Metals & Technologies plans to acquire about 1.3 million square feet of adjacent land and expand its magnet manufacturing footprint to 482,000 square feet from 24,000 square feet for the Pohang expansion, it added.