EVelution Energy has received U.S. Citizenship and Immigration Services approval for an EB-5 investment offering expected to support up to approximately $64.8 million of subordinated financing for its planned solar-powered cobalt processing facility in Yuma County, Arizona.
The company is developing what it says will be the first commercial-scale solar-powered cobalt sulfate and cobalt metal processing facility in the U.S.
EVelution plans to combine EB-5 subordinated debt with equity raised through a dedicated Qualified Opportunity Zone fund to finance engineering, permitting, site development and technical validation before arranging conventional construction financing.
The project’s census tract has also been nominated by Arizona for successor designation as a Rural Opportunity Zone under Opportunity Zone 2.0.
With USCIS approval received, EVelution expects the two financing sources to provide the remaining development-stage capital needed to complete engineering, technical and site work.
A bankable feasibility study is targeted for the first quarter of 2027.
Once development work advances toward a final investment decision, EVelution expects to finance construction through a separate capital structure.
The Export-Import Bank of the United States has re-issued a non-binding Letter of Interest indicating potential financing of up to $275 million under its Make More in America initiative, subject to due diligence, underwriting and authorization.
The approximately $450 million project is expected to produce about 7,000 metric tons of contained cobalt annually at full operation.
That would include approximately 4,000 metric tons in battery-grade cobalt sulfate and 3,000 metric tons of alloy-grade cobalt metal.
EVelution estimates that output could satisfy up to approximately 40% of projected U.S. cobalt demand.
Solar facility construction began in June 2026, while cobalt processing facility construction is expected to begin in 2027 following the feasibility study, final investment decision and project financing.
Commercial operations are targeted for 2029.
KEY QUOTES:
“The financing challenge for critical minerals projects is not limited to raising the capital required for construction. Projects must first finance the engineering, technical and development work required to become bankable. Our EB-5 and Opportunity Zone financing strategy is designed to bridge that gap and advance the project toward the institutional capital required for construction.”
Navaid Alam, President and CEO of EVelution Energy
