Evolution Metals Signs LOI With INERGX for Power Systems at Planned US Facility
MT newswire2026/10/06 14:5010:50 AM EDT, 10/06/2026 (MT Newswires) -- Evolution Metals & Technologies (EMAT) signed a strategic letter of intent with UK-based INERGX Energy Optimisation to provide energy storage and power optimization systems for its planned US critical materials and battery black mass recovery facility, the company said Tuesday. The facility is planned for 1 gigawatt of on-site capacity within two years and up to 5 gigawatts at full build-out, with INERGX assessing storage and power requirements and indicative capital and operating costs. The parties expect INERGX to deliver the study within eight weeks of receiving EMAT's site inputs and intend to work toward definitive agreements for the first block within 12 weeks of the study's delivery and acceptance. The company said its previously announced FY2027 revenue guidance is $400 million to $460 million, driven by the expected first full-year contribution from the expansion of its rare earth magnet capacity in Pohang to about 10,000 metric tons annually. Evolution Metals & Technologies shares were down 4.6% in Tuesday trading. Price: 1.98, Change: -0.08, Percent Change: -3.65
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