EVelution Energy’s Arizona cobalt refinery lines up financing from US and Finnish export credit agencies

EVelution Energy is advancing plans for a pioneering cobalt refinery in Yuma County, Arizona, having secured a non-binding Letter of Interest from Finnvera, Finland’s export credit agency. This commitment signals potential support of up to $70 million towards the procurement of hydrometallurgical processing equipment from Finnish firm Metso, which will be integral to the facility’s cobalt refining operations. This development complements a previous indication from the US Export-Import Bank, which expressed readiness to provide up to $200 million under its Make More in America initiative, underscoring significant financial backing from both sides of the Atlantic. The planned refinery aims to be the first commercial-scale, solar-powered cobalt processing plant in the United States, targeting an annual output of around 7,000 metric tonnes of refined cobalt. The production will be divided between battery-grade cobalt sulfate, intended for electric vehicle batteries, and alloy-grade cobalt metal for aerospace and defence applications. Construction is slated to commence in early 2027, with commercial operations expected to begin by 2029. Located within a federally designated rural opportunity zone, the facility is designed with sustainability in mind, generating its own solar power and recycling approximately 70% of its process water. EVelution Energy’s project addresses a critical gap in the US supply chain, as over 75% of the world’s refined cobalt is currently processed in China, and the US lacks any commercial-scale domestic cobalt refining capacity. The company has also secured feedstock partnerships with major players such as Mitsui, Trafigura, and Entreprise Générale du Cobalt, which operates in the Democratic Republic of Congo. These collaborations are vital for ensuring a steady supply of raw materials and highlight the strategic importance of the refinery in strengthening North American cobalt supply resilience. The involvement of prominent export credit agencies from both the US and Finland reflects the growing international interest in securing critical minerals supply chains for emerging technologies, particularly electric vehicles. EVelution Energy’s facility not only promises to enhance domestic production capabilities but also aligns with broader efforts to develop cleaner, more sustainable industrial processes. As the project moves towards construction, it could set a precedent for future investments in green metallurgy and contribute significantly to the electrification and decarbonisation goals within the US and beyond.