Evolution Metals & Technologies announced it has completed its business combination with Welsbach Technology Metals Acquisition Corp., creating a newly formed public company focused on building a vertically integrated supply chain for critical minerals and materials, including rare earth magnets and battery materials.
The post-merger entity will operate as Evolution Metals & Technologies Corp. and is expected to begin trading on the Nasdaq Global Market on January 6, 2026, under the ticker symbol EMAT.
The company said it has manufactured rare earth magnets and related magnet materials at a commercial scale for more than 18 years through its operating subsidiaries, supplying products to large original equipment manufacturers across multiple end markets. Evolution Metals & Technologies said it plans to scale its existing operations, processes, and intellectual property to establish a U.S.-based integrated industrial campus to produce rare-earth magnets, battery materials, and other critical materials without reliance on China.
Evolution Metals & Technologies said its strategy combines recycling, midstream processing, and advanced manufacturing, using robotics, automation, AI, and smart-machine technologies. The company said it will process and recycle oxides, metals, magnetic alloys, battery materials, and finished rare-earth magnets, including high-performance magnets, serving customers in industries such as automotive, aerospace, defense, healthcare, high technology, consumer electronics and appliances, and renewable energy.
As part of the transaction, the company said it merged Evolution Metals LLC with a portfolio of South Korea-based operating businesses that have manufactured and sold rare earth magnets to global OEM customers since 2007. Evolution Metals & Technologies said those operating assets provide commercial-scale experience that differentiates its approach from magnet initiatives that remain in pilot or conceptual phases.
Alongside magnet production, Evolution Metals & Technologies said it intends to develop U.S. midstream processing capacity, supported by a multi-feedstock platform integrating hydrometallurgical and pyrometallurgical technologies. The company is targeting annual production capacity of up to 55,000 tons of rare earth magnets by 2028 and plans to develop battery recycling operations that convert spent lithium-ion batteries into black mass, which it would then process into battery-grade materials including carbonates, sulphates, and precursor cathode active materials.
The company also highlighted technology licensing and cooperation agreements with the Korea Institute of Geoscience and Mineral Resources, which it described as a key partner for rare-earth separation, magnet materials, and battery recycling technologies. Evolution Metals & Technologies said it plans to combine those technologies with its existing proprietary know-how to expand its separation and beneficiation capabilities for recovering rare-earth and battery materials.
KEY QUOTES:
“This business combination between WTMA and EM brings together a carefully structured roll-up of operating companies with proven commercial-scale operations. By combining these operating companies in a public company structure, we are delivering a U.S. based platform that will be a credible alternative, at large commercial scale, to China’s dominance in rare earth magnets and critical materials.”
David Wilcox, Executive Chairman, Evolution Metals & Technologies Corp.
“This Business Combination brings together operating businesses that have been producing and selling rare earth magnets to notable commercial customers for well over a decade. Our focus now is to replicate and scale those capabilities in the United States using proven technology and world class execution.”
Frank Moon, Chief Executive Officer, Evolution Metals & Technologies Corp.
