Dennis Cunningham Dennis Cunningham

Chapter 21: EVelution Energy Interview Series – Investor Returns & Priority Processing


 
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In Chapter 21 of our ongoing EVelution Energy interview series, Michael Gibson, Managing Director of USAdvisors.org, speaks with Dennis Cunningham, Operating Partner at Intermestic Capital and President of EB5 Horizon.

Dennis explains how the project stands apart from typical EB-5 offerings by:

  • Offering investors a real rate of return

  • Building safeguards through aligned contracts that help ensure repayment capability

  • Pursuing priority processing with USCIS, which could dramatically shorten investor wait times

  “We want EB-5 investors to see that this project not only secures their green card — it also provides a real return and the potential for priority USCIS processing.” – Dennis Cunningham

 #EB5 #EB5Investors #EVelutionEnergy #IntermesticCapital #EB5Horizon

Evelution Energy Interview Chapter 21

Michael Gibson, USAdvisors, interviews Dennis Cunningham, Operating Partner Intermestic Capital, President EB5 Horizon

Transcript

EVelution Energy Interview Chapter 21 Transcript

Michael Gibson, Managing Director of US Advisors (USAdvisors.org) an independent Registered Investment Advisory Firm. Michael also owns and runs EB-5 Investments (eb5projects.com) and is an EB5 industry expert.

Marco Lopez, Managing Partner, Intermestic Capital
Sergio Chavez-Moreno, Operating Partner Intermestic Capital
Dennis Cunningham, Operating Partner Intermestic Capital, President EB5 Horizon

 Michael Gibson,

 Okay.  Now the term, as I understand it, is five years.  That's a five year commitment, which is fairly standard in the industry.  But you're offering, and I'll leave this collectively to the group, to talk about a rate of return.  An ROI, which is I've honestly never heard of before.  And I want you to talk about that.  Why did you choose?  How may that change in the future?  Because there are some things that you're working on, the immigration side.  So, I know investors and, and I'm a former Citi banker.  Return is, is a huge a deal for us in the investment world, in the private equity world.  EB5 not so much.  We're more concerned about getting the green card.  Getting our family in here.  Making sure we have an unconditional green card.  But in your case, this does offer a real rate of return.  So, maybe Dennis, I can start with you and then kick it to these guys.

 Dennis Cunningham,

 Sure.  Thanks, Mike.  That's a that's a great question.  One of the things that was attracted us to this project not only the strategic part of it that EV offers, and, and the people that are involved there.  But when we understood their approach. That they were gonna sign their on take agreements.  And orders of the products that we're buying, and their off take agreements.  The product that we're selling.  In the same month off the same index.  We understood that they were trying to bake in their margin.  And that margin provided us the comfort to have the, the, the, the feeling that, that, that they would be able to perform and repay the guarantee.  They also came to us and said, hey look, this is a first class project. And we want to encourage the EB5 Investor who, who understands hotels, cause they've heard 100 hotel pitches, or condo pitches, or multi family use pitches.  We want to incentivize them to take the time to understand what we're doing. Because we're not like everybody else.  And reward that time that they're investing up front to understand it.  The other thing that's I think important to understand is that as part of the Strategic Metals and Materials Initiative, that are in the national security interest.  We can apply for "priority processing" with USCIS.  Which is the highest and quickest turnaround.  We've retained an attorney who is in the, in the process of providing that application to USCIS.  He has 100% success rate in this type of application, with this material, cobalt processing plant.  And we believe we'll get that approval.  When we get that approval, then it's up to the project sponsors, to determine whether or not they want to modify that rate of return for anybody who signs up after.  Which shortens your processing time dramatically.

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Dennis Cunningham Dennis Cunningham

Chapter 20: nvestor Protections in Focus: Intermestic Capital Safeguards for EB-5 Participants


 
Bank+Vault+Door

In Chapter 20 of our ongoing interview series, Michael Gibson sits down with Sergio Chavez-Moreno and Dennis Cunningham to discuss how Intermestic Capital and EB5 Horizon are addressing one of the biggest concerns in EB-5 investing: risk.

Sergio explains the construction guarantee and investor application denial guarantee, designed to protect investor capital. Dennis details how replacement investors can be solicited on behalf of any participant whose I-526E petition is denied.

These safeguards, combined with the strong fundamentals of the EVelution Energy cobalt project, set a new standard for transparency and investor-first structuring.

Evelution Energy Interview Chapter 20

Michael Gibson, USAdvisors, interviews Sergio Chavez-Moreno, Operating Partner Intermestic Capital, Dennis Cunningham, Operating Partner Intermestic Capital, President EB5 Horizon

Transcript

EVelution Energy Interview Chapter 20 Transcript

 Michael Gibson, Managing Director of US Advisors (USAdvisors.org) an independent Registered Investment Advisory Firm. Michael also owns and runs EB-5 Investments (eb5projects.com) and is an EB5 industry expert.

 Marco Lopez, Managing Partner, Intermestic Capital
Sergio Chavez-Moreno, Operating Partner Intermestic Capital
Dennis Cunningham, Operating Partner Intermestic Capital, President EB5 Horizon

Well, not, not only in Arizona, but across the country the EB5 landscape is, is scattered with failed projects.  Talking about risk Sergio, so, when I interviewed with Gill and Navaid, we did talk a lot about market risk.  And how they were able to mitigate that through the exercising of contracts in the future, forward contracts for their output.  As well as for their inputs.  Now in EB5 has a certain number of other risks that are in addition to the market risk.  I know you guys, in your offering, have done some things to try to allay the concern.  And, and you know, let's be honest, there is a concern in the market.  Intermestic is a newer player.  This is your first EB5.  Dennis, not your first EB5 project.  But this is the first as a group.  And, so there may be some concern from EB5 investors, who may be unfamiliar with your investment philosophy, your background.  But you have done some things to try to allay those fears.  Some concerns regarding job creation and the completion of the project.  Could you outline those for the investors? 

Sergio Chavez-Moreno, speaking

Yes.  So as we diligence with the project, with our partners at EVelution, I, we did obtain guarantees, to protect and safeguard our investors interests.  Amongst them a construction guarantee, that we did obtain from the project.  And an investor application denial guarantee.  And, and again just to be sure.  So if I'm an investor I file a 526E, and it gets rejected, for a reason that did not have to do with fraud, or anything like that.  How, how would the the repayment of the principal work.  So, well, so first we will talk to, well the investor and find out what exactly, like, happened .  And we will work with them depending on their, well on their circumstance.  But we do offer, like a pathway to recuperate some of that investment.  And then, yes. 

Dennis Cunningham, speaking

We will solicit a replacement investor on their behalf. Right.  All that's fully explained in the offering documents, along with the with those other guarantees.  But we'll, we'll solicit a replacement investor.

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Dennis Cunningham Dennis Cunningham

Chapter 19: Marco Lopez on Intermestic Capital’s EB-5 Investment Philosophy


 

In this chapter of our exclusive interview series, Michael Gibson speaks with Marco Lopez, Managing Partner at Intermestic Capital, about how his firm approaches EB-5 projects differently.

Lopez highlights that while EB-5 requires job creation, Intermestic goes beyond the minimum—ensuring that projects make sense economically and provide investors with strong safeguards.

 “The American dream is only attainable if investors find a project with these types of safeguards, with people around them with the passion and the commitment to make sure that success is achieved with them.” – Marco Lopez

 With over 3,300 jobs created (more than four times what is required), the EVelution Energy cobalt project stands out as a secure, economically viable, and socially impactful EB-5 investment.

 

Evelution Energy Interview Chapter 19

Michael Gibson, USAdvisors, interviews Marco Lopez, Managing Partner Intermestic Capital

Transcript

EVelution Energy Interview Chapter 19 Transcript

 

Michael Gibson, Managing Director of US Advisors (USAdvisors.org) an independent Registered Investment Advisory Firm. Michael also owns and runs EB-5 Investments (eb5projects.com) and is an EB5 industry expert.

 

Marco Lopez, Managing Partner, Intermestic Capital
Sergio Chavez-Moreno, Operating Partner Intermestic Capital
Dennis Cunningham, Operating Partner Intermestic Capital, President EB5 Horizon

 Michael Gibson, speaking

 Yeah and, and what, what fascinates me about Intermestic is that, I mean even though this is your first EB5 project, you, you are a capital firm.  You, you focus on risk.  You focus on how does the investor do well in, in investing in other projects, that you may be associated with.  So you, from what I understand, you're taking the same philosophy of trying to find projects that make good sense economically.  And now you're bringing it to an EB5.  So we have the job creation component.  But then in addition, you want to make sure that the project makes sense economically. 

 Marco Lopez, speaking

 That's right.  So look, in this particular case we know that the job, that the, the project is going to create over 3,300 jobs.  And we're not, we're not gonna need those jobs, to justify our project.

 Michael Gibson, speaking

 The excess, you have at least a 4X excess margin.

 Marco Lopez, speaking

 That’s right. So that's the type of thinking that went into our selection of this project.  Because we want to provide the investor that guarantee.  That, it's my 25 years in government service on the line.  It's their reputations and, and expertise and knowledge on the line, from their careers as well.  And it's also the reputation and careers of our development partners.  That, obviously you, you, you interviewed as well.  The stakes are high.  And in this world, where people can select multiple projects, where they wanna invest their funds.  The American dream is only attainable, if they find a project with these types of safeguards, with people around them with the passion, the commitment, to make sure that success is achieved with them.  Because we've seen so many projects, unfortunately here in Arizona, that have not fulfilled the promise, that they've set out to, the value that they've set out to create for their investors.

 

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Dennis Cunningham Dennis Cunningham

Chapter 18: EVelution Energy Secures Global Interest in Cobalt Project Backed by EXIM Bank


 
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In Chapter 18 of the Michael Gibson interview series with EVelution Energy concludes with a powerful look at the project’s financing structure.

Gil Michel-Garcia shared that, in addition to the $200M support letter from the U.S. EXIM Bank, the project has attracted interest from some of the world’s largest investors.

“BlackRock, Texas Teachers Fund, Stellantis, and Mitsubishi are already in our data room looking to invest,” said Gil Michel-Garcia, Executive Vice President of EVelution Energy.

This mix of government-backed financing and private equity interest sets EVelution Energy apart from traditional EB-5 offerings in commercial real estate. Investors benefit from:

  • Strong job creation well above EB-5 requirements

  • Reduced risk profile through guaranteed supply and sales contracts

  • Alignment with U.S. strategic national interests

For EB-5 investors, this represents a rare chance to participate in a project that is both profitable and impactful. This chapter concludes our interview series with the EVelution Energy team. In the next phase, we will feature conversations with Intermestic Capital, the EB-5 partner helping bring this transformative project to life. Stay tuned.”

 

Evelution Energy Interview Chapter 18

Michael Gibson, USAdvisors, interviews Navaid Alam, President & CEO of EVelution Energy, Gil Michel-Garcia, General counsel & EVP

Transcript

Evelution Energy Interview Chapter 18 Transcript

Michael Gibson, Managing Director of US Advisors (USAdvisors.org) an independent Registered Investment Advisory Firm. Michael also owns and runs EB-5 Investments (eb5projects.com) and is an EB5 industry expert.

Navaid Alam, President & Chief Executive Officer
Gil Michel-Garcia, Executive Vice President, General Counsel, Treasurer & Secretary

Michael Gibson, speaking

And, and in terms of  the other components for the financing, we mentioned the 200 million from the EXIM, which should cover about 60% 70% of the cost.  The other components, obviously there's an EB five component.  We'll discuss shortly with the Intermestic Group.  You also are bringing in some developer equity, as I understand.   

Gil Michel-Garcia, speaking

Absolutely.  So we've contributed it, a substantial amount of the remaining equity.  And we have large equity partners, that are basically already in our data room looking to invest.  So Blackrock is taking a look at our data room. The Texas Teachers Fund is taking a look at our data room.  Players like Stalantis are looking at us.  Mitsubishi are looking at us.  And there's the, the strategic importance of this unique facility is such that major players are interested in taking a piece of, a piece of it. 

Michael Gibson, speaking

Yeah I, I, I mean from my vantage point, I think again, as I mentioned earlier, we learned a big lesson during covid.  Exporting all of our manufacturing capability, especially when it's in the national interest, probably is not a good idea.  I think we can all agree on that.  The fact that you guys are taking a proven technology, you're, you're making it greener.  You're taking advantage of all these incentives that are being offered to do exactly what you're doing.  Which is bring America, you know, it's manufacturing base back again.  To me, makes a whole lot of sense.  And then, and by being the first in the market with this product and this process to me, as, as you've already both have, makes good sense for the buyers.  Because they need your product.  They probably need more than you can produce.  Which is a great situation for any manufacturer to be in.  So, I think we learned our lessons and I think applying those, into a facility such as yours, is gonna be of great interest.  Not only to the private equity investors, but, obviously, I think, to the EV5 investors.  Who are looking for something different than your typical commercial real estate construction.  Which is offering, you know, very low kind of yields.  And, and perhaps maybe a bit more risk.  Than even though, when I think of commodities market,  I think of risk because of the volatility.  But if you have a way to lock that in both on the buy side and the sell side I think, I think, you're, you've got a, a great strategy for for moving this forward.  Well guys I, I want to thank you both again.  To Navaid and Gil thank you very much for spending time.  I know we'll have many more announcements, and updates that we'd like to share with our viewers.  But if you're interested, at all, in this offering, or what they're doing, I'm gonna encourage you to contact us at US Advisors or Intermesic Capital.  They'll be able to provide you with much more information, detailed subscription offering documents and more.  So from Phoenix, beautiful Phoenix Arizona, I'm glad we're doing this in the winter and not in the summer.  I wanna thank you all for joining us today, and we wish you all the best in the future.  Thank you. 

Gil Michel-Garcia, speaking

Thanks, Mike. 

Navaid Alam, speaking

Thanks so much.

 

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Dennis Cunningham Dennis Cunningham

Chapter 17: EVelution Energy on Track to Supply 20% of U.S. Cobalt Demand by 2027 


 
robotic+arma+assembling+products+peodduction+line

In Chapter 17 of Michael Gibson’s ongoing interview series with EVelution Energy, CEO Navaid Alam outlined the massive role the company’s Yuma, Arizona, cobalt facility will play in strengthening America’s EV supply chain.

With U.S. cobalt demand projected to grow 25 – 35% annually, reaching 35,000 tons per year by 2027, EVelution Energy expects to supply 7,000 tons annually — approximately 20% of U.S. demand.

“We expect to produce 7,000 tons a year, which is about 20% of the U.S. market — and we might be the only producer up and running in 2027.”

– Navaid Alam, President & CEO, EVelution Energy

Construction is slated to begin in Q4 2025, with production starting in Q4 2027 after a two-year build cycle. If successful, EVelution Energy could be America’s only cobalt producer at scale, providing a secure domestic source of this critical mineral.

Evelution Energy Interview Chapter 17

Michael Gibson, USAdvisors, interviews Navaid Alam, President & CEO of EVelution Energy,

Transcript

Evelution Energy Interview Chapter 17 Transcript

Michael Gibson, Managing Director of US Advisors (USAdvisors.org) an independent Registered Investment Advisory Firm. Michael also owns and runs EB-5 Investments (eb5projects.com) and is an EB5 industry expert.

Navaid Alam, President & Chief Executive Officer
Gil Michel-Garcia, Executive Vice President, General Counsel, Treasurer & Secretary

Michael Gibson, speaking

So, Navaid just to give a sense for, how big is this plant?  How much will you be producing?  How much does the United States need?  Just so we can get a sense.  Because, I understand, we're talking about a phase 1 operation.  You may be doing some things in the future with a phase 2.  But for now, for this current production cycle, what are you looking to produce per year?  How much is the, the, the US demand in the market?  So, how much are you producing?  How much is needed?  And then how much do you think you'll be able to produce, may be in the future?  As well as, how much is that market growing?  Or is it stable?

Navaid Alam, speaking

So the market is growing annually, approximately between 25% and 35% a year.  And we expect to produce, in contained cobalt terms, 7,000 tons a year.  And the market, at the time we start production, is expected to be up 35,000 tons a year, in the United States.  So that's about 20% of the US market.  We will be able to produce.

Michael Gibson, speaking

So there's, there's a 5X demand, more demand than, than you can produce. 

Navaid Alam, speaking

Right.

Michael Gibson, speaking

Yeah. 

Navaid Alam, speaking 

And we might be the only producer up and running in 2027, which is when we expect to be running.

Michael Gibson, speaking

We should say that there probably, I mean with this kind of a margin, and this kind of a demand in the United States, there's probably gonna be some other people coming online.  But do you think in terms of your business plan, and where you're located, you may have some competitive advantages?  Should other people come online.

Navaid Alam, speaking

Yeah, absolutely.  We, we only know of one other cobalt facility in the United States, that might be coming online.  And that's in Missouri.  And they may only produce 2,000 tons of cobalt annually, contained cobalt annually.  And we're producing 7,000 tons.

Michael Gibson, speaking

 So you're, you're already at a much higher level than they are. 

Navaid Alam, speaking

Yeah, much higher level.  And as I mentioned, the North American demand would only be about 30, would be 35,000 tons.  And current supply is looking to be only 9,000 tons.  So, there's significantly more demand than supply coming online.

Michael Gibson, speaking

Well I, I, I wanna end it here.  Although I know there's, we, we plan to do a site visit.  You, when do you think you'll begin?  I know you're doing some site prep now, you're drilling some wells, you're doing some other things at the site.  When do you think construction, in earnest, will begin?

Navaid Alam, speaking

We expect construction to start, at the end of 2025, 4, Q4 2025 .  It's a two year construction cycle.  So we expect to be producing in Q4 2027.

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Dennis Cunningham Dennis Cunningham

Chapter 16: Evelution Energy’s Secured Contracts and U.S. Tax Credit Drive Strong Margins


 
stacks+US+$100+bills

In Chapter 16 of our ongoing interview series, Michael Gibson of USAdvisors.org speaks with Gil Michel-Garcia, Executive Vice President, General Counsel, Treasurer & Secretary of Evelution Energy.

 

Gil shares how Evelution has already signed input contracts for cobalt hydroxide while aligning both input and output pricing to the same global metal index. This strategy ensures defensible margins regardless of commodity price volatility.

He also highlights the U.S. government’s Critical Minerals Production Tax Credit, which adds an additional 10% annual cost savings. Combined, these measures boost EBITDA margins from an industry-standard 10–15% to an impressive 20–25%.

“That’s huge for a processing facility. And again, hence why this project is economically viable. It’s a home run type of project.” — Gil Michel-Garcia

This chapter underscores why Evelution Energy’s Yuma cobalt processing facility is poised for long-term profitability and represents a unique opportunity for EB-5 investors.

EVelution+Energy+Chapter+16+Thumbnail

Evelution Energy Interview Chapter 156

Michael Gibson, USAdvisors, interviews Gil Michel-Garcia, EVP & General Counsel of EVelution Energy,

Transcript

Evelution Energy Interview Chapter 16 Transcript

 

Michael Gibson, Managing Director of US Advisors (USAdvisors.org) an independent Registered Investment Advisory Firm. Michael also owns and runs EB-5 Investments (eb5projects.com) and is an EB5 industry expert.

 

Navaid Alam, President & Chief Executive Officer
Gil Michel-Garcia, Executive Vice President, General Counsel, Treasurer & Secretary

 Michael Gibson, speaking

 And, and, and you refer to that as your outtake, your offtake.

 Navaid Alam, speaking

 Offtake.

 Michael Gibson, speaking

 Your offtake.  So everything that you produce is your offtake.  And then to hedge your import that, the hydroxide from Africa.  That is also your, your negotiating contracts for that, so that you can have your, your inputs fixed.  And then your output also fixed.  So you have, you, you should be able to maintain that, that level of margin. 

 Gil Michel-Garcia, speaking

Those import contracts are already signed.  So the import stuff is already negotiated and signed.  We are buying, because we have commodity experience, we're buying the hydroxide priced off of the metal index.  And then we're selling the sulfate and the metal priced off the metal index.  So we're buying on, off of the same index that we're selling.  And that allows us to be able to structure, not exact margins, but very defensible margins, irrespective of what the price does.  It doesn't matter what the price does, we will have a band that will be able to...

Michael Gibson, speaking

And just, and you would say, you both, gentlemen have experience in other industries.  You say that, that's a healthy margin?

Gil Michel-Garcia, speaking

Well, yeah.  I mean they, they, they, just to give you kind of an indication, a general the, one of, some of the best processing facilities in the world would normally have 10 to 15% EBITDA margins.  We're gonna benefit from that, being a top of the line class facility.  On top of it there is a production tax credit, it's called the Critical Minerals Production Tax Credit.  Which is being offered by the, by the, by the US government, for production of critical minerals specifically.

Michael Gibson, speaking

Perfect, yeah. 

Gil Michel-Garcia, speaking

Right, which gives us back about 10% of our cost of goods on an annual basis.  That jumps our EBITDA margin from a 10% to 15% EBITDA margin.  To about a 20% to 25% EBITDA margin.

Michael Gibson, speaking

Yeah, that's...

Gil Michel-Garcia, speaking

That's huge for processing facility.  And again, hence why the, this economic, this project is economically viable.  Hence, why we're offering so much to investors to participate.  Because it is a really it's a home run type of project.

Michael Gibson, speaking

You've already got that kind of baked in once, once the plan is operational.  It's alright, you've already got the, the product being sold.  And you've got the, the contracts for purchasing the input.  So...

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Dennis Cunningham Dennis Cunningham

Chapter 15: EVelution Energy Secures Long-Term Agreements with GM, Stellantis & Mitsui


 
robotic+arms+assembling+products+production+line

In this chapter of our ongoing interview series, Michael Gibson (Managing Director, USAdvisors.org) speaks with EVelution Energy’s CEO, Navaid Alam, about the company’s offtake agreements and financial outlook.

Navaid highlights that on day one of operations, EVelution Energy expects to be profitable, with production already sold under long-term contracts to major global companies such as General Motors, Stellantis, and Mitsui.

 “We expect to be profitable from day one… everything that we are producing is already going to be sold to huge, creditworthy counterparties like General Motors, Stellantis, and Mitsui.” — Navaid Alam, CEO, EVelution Energy

 This milestone underscores the project’s financial strength, proven technology, and critical role in reshaping America’s electric vehicle supply chain.

EVelution+energy+Chapter+15+Thumbnail

Evelution Energy Interview Chapter 15

Michael Gibson, USAdvisors, interviews Navaid Alam, President & CEO of EVelution Energy,

Transcript

Evelution Energy Interview Chapter 15 Transcript

 Michael Gibson, Managing Director of US Advisors (USAdvisors.org) an independent Registered Investment Advisory Firm. Michael also owns and runs EB-5 Investments (eb5projects.com) and is an EB5 industry expert.

Navaid Alam, President & Chief Executive Officer
Gil Michel-Garcia, Executive Vice President, General Counsel, Treasurer & Secretary

Michael Gibson, speaking

So using approved technology, again nothing brand new, nothing innovative.  This is established technology used around the world.  You're just coming in with, I would call it a greener approach.  Which obviously also makes financial sense if,  if you're getting all this renewable power in Yuma Arizona.  So using that technology, a fast build out, two years to stabilize. Navaid, we had the conversation earlier.  And, and you said on day one, you're guaranteed pretty much, I mean to the extent that guarantees can be made in, in a world of some volatility.  But essentially on day one, everything that you are producing is already gonna be sold. 

Navaid Alam, speaking

That's right.  And it'll be sold to huge, credit worthy counterparties, like General Motors, Stellantis, Mitsui.  Companies that have, you know, very stellar credit ratings.  And we expect to sign, long term contracts with them.  That are say five year contracts with, you know, the pricing will be fixed annually.

Michael Gibson, speaking

Sure. 

Navaid Alam, speaking

So, we expect to be profitable from day one. This, this market is, it's a single commodity of inputs.  And our outputs are priced off of the same metal index.  And off of the same month.  So our basis risk is, is going to be hedged down, as much as we can possibly get it down.  And then we'll, we should be worth, you know, well in excess of our construction cost.  And, and all the EB5 financing as soon as we start producing.

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Dennis Cunningham Dennis Cunningham

Chapter 14: EVelution Energy Secures EXIM Bank Backing: $200M LOI with Unmatched Terms


 
US+Export+Import+Bank

Gil Michel-Garcia, EVP & General Counsel of EVelution Energy, reveals a major milestone in the financing of their Yuma County cobalt processing facility.

In Chapter 14, Gil Michel-Garcia and Michael Gibson discuss that the U.S. Export-Import Bank (EXIM) has issued a Letter of Intent for up to $200 million, covering 70% of construction costs. The terms are extraordinarily favorable—18-year financing at rates around 5-5.5%—demonstrating federal commitment to reshoring critical mineral supply chains and reducing reliance on China.

 These financing terms are virtually unheard of in private markets. They provide EVelution Energy with the stability to build and operate the facility while keeping EB-5 capital requirements modest and well-secured.

 For EB-5 investors, this means participating in a project with government-backed financial strength, accelerated revenue generation, and an investment structure designed for security and long-term success.

Evelution Energy Interview Chapter 14

Michael Gibson, USAdvisors, interviews Gil Michel-Garcia, EVP & General Counsel of EVelution Energy,

Transcript

Evelution Energy Interview Chapter 14 Transcript

Michael Gibson, Managing Director of US Advisors (USAdvisors.org) an independent Registered Investment Advisory Firm. Michael also owns and runs EB-5 Investments (eb5projects.com) and is an EB5 industry expert.

Navaid Alam, President & Chief Executive Officer
Gil Michel-Garcia, Executive Vice President, General Counsel, Treasurer & Secretary

Michael Gibson, speaking

So, the second most important question, after the job creation, which ensures that the green card conditions are met.  Let's talk about the capital stack.  Let's talk about how could the investors,  if they decide to invest in this.  We've shown the demand for the cobalt sulfate in the United States.  Shortening the supply chain sounds like a great idea. How are you gonna finance this?  What does the capital stack look like?  I understand you, Gil you were saying, you have you've already secured external financing.  So how did, for the viewers who may be curious to know?  How much is EB5?  How much is non EB5?  How much are you contributing?  How does that look?

Gil Michel-Garcia, speaking

So, one of the most important facets of creating a project or building a project that is in the national interest of the United States, is the fact that the government is very willing to step in and provide us with, I wouldn't say subsidized, but extremely attractive financing.  On much longer terms that would otherwise be available.  Let's say in a real estate deal.  So for us the, there are two programs that we've been able to benefit from.  One's called the Make More In America program.  And that's the EXIM Bank, Make More In America program.  And the make more, and the China Transformational Exports program of the EXIM Bank.  Both of those programs, started by President Trump during his first administration, are focused at financing businesses that in the critical mineral, and other transformational areas like chips, that compete against China.  And so, we've been able to secure an LOI from the EXIM Bank already, for 70% of the cost of constructing the facility, which is up to $200 million.

Michael Gibson, speaking

Right.

Gil Michel-Garcia, speaking

That's really attractive financing, it's 18 year term financing, construction financing.  That is at very low rates, probably in the vicinity of 5%, 5.5%. 

Michael Gibson, speaking

Which is unheard of in commercial.  For all the commercial real estate developers, who are wondering how can they get a hold of that?  I think the answer is build a manufacturing plant

 Gil Michel-Garcia, speaking

That focuses on something that... 

Michael Gibson, speaking

Exactly, forget about the multi family.  That's not gonna work.

Gil Michel-Garcia, speaking

So, that allows us to raise a smaller component through EB5.  And it also allows us to be able to be sure that we will have the financing to pay for the EB5, in the short term.  Our construction period is quite short.  Because we're not reinventing the wheel, we're building, if you like the, the, the lowest hanging fruit, of the most necessary facilities, in the United States.  It's gonna take no more than two years to build.  And we already have the, almost all of the off take in negotiations.  I mean almost 80% of our off take is already spoken for in negotiations with off takers.  So essentially as soon as we start operations the revenue is gonna be coming in quite quickly.  And we only produce one thing. 

Michael Gibson, speaking

 Right.

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Dennis Cunningham Dennis Cunningham

Chapter 12: EVelution Energy Project Economic Impact to Create 3,000+ Jobs in Yuma County


 
construction+concrete+workers

CEO Navaid Alam highlights how the cobalt processing facility will create both high-paying local jobs and a surplus of EB-5 qualifying employment.

In Chapter 13 of our exclusive interview series, Michael Gibson of USAdvisors.org speaks with Navaid Alam, President & CEO of EVelution Energy.

Navaid explains that a Baker Tilly economic study projects more than 3,000 jobs will be created in Yuma County through the project — including direct, indirect, and induced employment.

Of these, approximately 80 jobs will be plant operations roles, paying about three times the local average wage. To further strengthen the community, EVelution Energy has partnered with Arizona Western College to provide customized workforce training programs.

This commitment to job creation not only ensures a lasting local impact but also significantly exceeds EB-5 program requirements. With only about 30% of eligible jobs needed for EB-5 compliance, the project demonstrates both strength and stability for investors.

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Evelution Energy Interview Chapter 13

Michael Gibson, USAdvisors, interviews Navid Alam, CEO & President, EVelution Energy

Transcript

Evelution Energy Interview Chapter 13 Transcript

Michael Gibson, Managing Director of US Advisors (USAdvisors.org) an independent Registered Investment Advisory Firm. Michael also owns and runs EB-5 Investments (eb5projects.com) and is an EB5 industry expert.

Navaid Alam, President & Chief Executive Officer
Gil Michel-Garcia, Executive Vice President, General Counsel, Treasurer & Secretary

 Michael Gibson, speaking

 So let's, let's, one of the big concerns, obviously, job creation is a big concern in the EB5 space.  And we'll be having an interview with Intermestic, who's the fund manager, to discuss the EB5 components.  But, in terms of the plant operation, how many people do you foresee needing operationally, to run it.  And then, you know, how many, how much will you be investing in order to make the plant operational through construction and other activities.

 Navaid Alam, speaking

 So, we've had a, a study done by Baker Tilly that has shown that we'll create a in direct, indirect, and other jobs of over 3,000 jobs will be created through our project in, in Yuma County. Our plant operations themselves will be about 80 jobs.  High paying jobs for the area. We'll be averaging maybe three times the, the local wage.  So,

 Michael Gibson, speaking

 So it's a great job for, for somebody in the county.

 Navaid Alam, speaking

 Yeah, it's a great benefit to the county.  And our you know, workforce training programs are already underway with Arizona Western College.  So they're partnering up with us as well to create training programs at their campuses in Yuma County, for, or our, local work, workforce as well.  And so, in terms of job creation, we are, you know, creating a huge over supply under the EB5 program.  We're, we're, we're only gonna be using about 30% of the jobs that we qualify for, for the EB5.

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Dennis Cunningham Dennis Cunningham

Chapter 12: Evolution Energy: Delivering Clean Power and Community Benefits


 
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Gil Michel-Garcia explains how the project lowers costs for local farmers while protecting EB5 Investor margins.

In Chapter 12 of our exclusive interview series, Michael Gibson speaks with Gil Michel-Garcia, Executive Vice President of EVelution Energy, about the project’s unique commitment to both sustainability and community well-being.

 As water levels in the Colorado River decline, local farmers have faced rising electricity costs. EVelution Energy is stepping up by offering its excess renewable power to the community at half the price of current market rates. This ensures farmers can remain competitive while reinforcing the project’s role as a trusted partner in regional development.

 At the same time, Gil explains how EVelution Energy has already secured long-term power purchase agreements that provide stable operating margins, protecting investors from commodity market volatility.

 This chapter showcases how EVelution Energy is not only profitable but also a force for local good, making it a standout EB-5 investment opportunity.

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Evelution Energy Interview Chapter 12

Michael Gibson, USAdvisors, interviews Gil Michel-Garcia, Executive Vice President & General Counsel, EVelution Energy

Transcript

Evelution Energy Interview Chapter 12 Transcript

Michael Gibson, Managing Director of US Advisors (USAdvisors.org) an independent Registered Investment Advisory Firm. Michael also owns and runs EB-5 Investments (eb5projects.com) and is an EB5 industry expert.

Navaid Alam, President & Chief Executive Officer
Gil Michel-Garcia, Executive Vice President, General Counsel, Treasurer & Secretary

 Michael Gibson, speaking

 And, and, obviously much greener, better for the environment, and for the long term.  And, and the residents are loving this, because there's no emission.

Gil Michel-Garcia, speaking

Well, I mean one of the, one of the, this is a farming area where we're basically putting the facility. And many of the farmers have traditionally been supplied with hydro power from the Colorado River.  Because of the climate and the warming of the planet that has decreased water.  And so water, less water has means less hydro power. Less application of power to them. They've been having to go to the open market to buy electricity. Which then triples their electricity cost.

Michael Gibson, speaking

 Sure. 

 Gil Michel-Garcia, speaking

 Something like 12 or 15 cents a kilowatt hour. One of the ways in which we've been able to garner enormous support from the local community is to offer to resell our excess power to the local community. Supplying them with power at half the price that they're normally. 

Michael Gibson, speaking

Right, so not only are you not competing with them for the kilowatts.  You know, which they're gonna want as well as the county grows. But you're gonna be able to supply them some of your excess energy.

Gil Michel-Garcia, speaking

And one of the important things when, when, when your investors think about this, is that because we have guaranteed supply that we've already signed. And we're already in advanced negotiations with the off take. We're buying and selling something at pre negotiated prices.  Because, it, it's not like a mining operation where we're depending on the commodity price. What we're negotiating is pretty protectable operating margins, on the buy and the sell. And so what that means is that we, as a project, have relatively steady and protected margins and operations. Which is one of the reasons why, not only we're gonna be very profitable, we're gonna be successful. But we'd also offer some of that profitability to investors to entice them to invest with us.

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Chapter 11:De-Risking rural EB-5: How the EVelution Energy Project Redefines Investor Confidence


 

Marco Lopez shares why this Yuma County cobalt facility combines community backing, strong economics, and national interest to create a uniquely secure EB-5 opportunity.

In Chapter 11 of our interview series, Michael Gibson and Marco Lopez, Managing Partner at Intermestic Capital, explore the unique value proposition of EVelution Energy’s cobalt processing facility in Yuma County, Arizona.

 While many rural EB-5 projects struggle with risk and financing, this one stands apart:

  • Economic safeguards: Input and output prices locked in through negotiated contracts.

  • Job creation: Over 3,300 jobs projected — far beyond EB-5 requirements.

  • Community support: Endorsed from U.S. Senators to the local Mayor.

  • National interest: Reshoring a critical industry for clean energy and national security.

 As Marco explains, these elements transform what might be considered a “risky rural project” into a high-value, strategically important investment — and a model for EB-5 success.

Evelution Energy Interview Chapter 11

Michael Gibson, USAdvisors, interviews Marco Lopez, Managing Partner, Intermestic Capital

Transcript

Evelution Energy Interview Chapter 11 Transcript

Michael Gibson, Managing Director of US Advisors (USAdvisors.org) an independent Registered Investment Advisory Firm. Michael also owns and runs EB-5 Investments (eb5projects.com) and is an EB5 industry expert.

Marco Lopez, Managing Partner, Intermestic Capital

Sergio Chavez-Moreno, Operating Partner Intermestic Capital
Dennis Cunningham, Operating Partner Intermestic Capital, President EB5 Horizon
Michael Gibson, speaking

Dennis, I'm glad you mentioned the risk.  And Marco, I want to ask you.  So it's interesting because when the EB5 program pivoted a few years ago after the enactment of the RIA, the Reauthorization.  It was interesting to me to see now, how we went from so many metro commercial real estate projects.  Large developments, New York City, LA, Miami.  We must have had three dozen projects going on at this, at the time.  To now seeing a shift much more to the rural.  Because of the processing times and the priority that's given to them.  But my concern is as an investment advisor, I see a lot of these rural projects, and I see a huge amount of risk.  I and, and I for, it's for a good reason, that they have a hard time obtaining the capital.  Because of the, the just the, the risk profile of the enterprise.  You may have these resorts we've, we've seen experience with past EB5 projects, who were located in rural locations and had a disastrous result.  But it was so enlightening to hear from the principles of the EV cobalt processing plant.   How they have the profit margins.  And how they have locked in the sale that, you know not only their input price, but they're at output.  So, Marco, tell us, for the viewers who may not be as familiar with the with the risk profile or with the monetary outlook for this.  What is it interesting for you? What is attractive about this project from an investor standpoint?

 Marco Lopez, speaking

Well, when we started our conversation, I talked about being someone born and raised on the border.  And Yuma County is one of our county, our border counties with Mexico. And so that to me was an appealing factor because you're bringing a community a great value.  I think Gil talked about from an energy perspective, from a water perspective, from a job safety and security perspective,  And the right, the reason why the community embraces this project.  All the way from our US Senators down to the Mayor.  Because they understand the value and the importance that you're bringing from an economic development standpoint.  And so the task in our EB 5 work is, are you going to fulfill and meet the job demand that the project requires.

Michael Gibson, speaking

Outlined in the Business Plan. 

Marco Lopez, speaking

Right.  So are you going to be able to match 10 per investor? And here unequivocally, the answer is absolutely. Are you going to be able to provide the economic viability of the project? And here, again, because of the safeguards that Gil and Navaid, and the team have a negotiated, and already contracted, the answer is unequivocally absolutely.  And so, that was part of the selection criteria for our firm.  Is, if we were going to pursue this opportunity?  And, and what was the most appealing, I think, Dennis mentioned, and you mentioned it. Arizona is full of developers in shopping centers, housing, you name it.  You can't toss a cat and not hit a real estate agent or a commercial real estate agent. 

Michael Gibson, speaking

Yes.

Marco Lopez, speaking

And so that's not appealing or exciting. We would have rejected, and we’ve rejected those types of offerings, here because there's nothing unique here. You add the layer of the national interest, the opportunity to bring and re-home an industry that's vital for national defense and national security to America. And then all the pieces start lining up.  And that risk becomes de-risked. 

Michael Gibson, speaking

Yeah, and, and what, what fascinates me about Intermesic is that, I mean, even though this is your first EB 5 project, you, you are a capital firm. You, you focus on risk, you focus on how does the investor do well in, in investing in other projects that you may be associated with.  So you, from what I understand, you’re taking the same philosophy, of trying to find projects that make good sense economically.  And now you’re bringing it to an EB5 component. So we have the job creation component.  But then in addition, you want to make sure that the project makes sense economically.

Marco Lopez, speaking

That’s right.  So look, in this particular case we know that the job, that the project is going to create over 3300 jobs.  And we’re not, we’re not going to need all those jobs.  To just…

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Dennis Cunningham Dennis Cunningham

Chapter 10: Inside the 10%: Why This EB-5 Project Passes the Test and Stands Apart


 
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EB-5 veteran Dennis Cunningham explains why the EVelution Energy cobalt facility is a rare, high-impact, and strategically important investment opportunity.

In Chapter 10 of our exclusive interview series, Michael Gibson speaks with Dennis Cunningham, President of EB5 Horizon and Operating Partner at Intermestic Capital, about what it really takes for an EB-5 project to qualify.

Dennis shares that for every EB-5-eligible project, there are 10–20 that simply don’t meet the requirements — often because they aren’t shovel-ready or lack the right partners.

 

What makes the EVelution Energy cobalt processing facility different?

  • Strategic importance: Critical to U.S. clean energy and electric vehicle supply chain initiatives.

  • Shovel-ready: Years of preparation by experienced developers have brought the project to launch.

  • Risk protection: A stronger profile than many traditional commercial or real estate projects.

 

“This project brings together talented, committed partners at exactly the right time,” Dennis says. “It’s exciting to be part of something that truly matters on a national scale.”

 

Watch Chapter 10 now and see why this opportunity stands out in the EB-5 marketplace.

Evelution Energy Interview Chapter 9

Michael Gibson, USAdvisors, interviews Dennis Cunningham, Operating Partner, Intermestic Capital & Pressident EB5 Horizon

Transcript

Evelution Energy Interview Chapter 10 Transcript

 Michael Gibson, Managing Director of US Advisors (USAdvisors.org) an independent Registered Investment Advisory Firm. Michael also owns and runs EB-5 Investments (eb5projects.com) and is an EB5 industry expert.

Marco Lopez, Managing Partner, Intermestic Capital
Sergio Chavez-Moreno, Operating Partner Intermestic Capital
Dennis Cunningham, Operating Partner Intermestic Capital, President EB5 Horizon

 Michael Gibson, speaking

 Dennis, you've been, you've been in the EB5 program since 2010. You have a lot of experience. I mean, do you see what I'm saying?  As far as, 90% of the projects are, you know, what I would call just not relevant.  Not relevant to the national conversation.  This project is exciting because it is so important and it's rare.  But it's rare.  Why? Why do you think that is? And can you talk about how excited you are to see something like this in the market?

Dennis Cunningham, speaking

 Thanks, Mike. I first heard about EB 5 in 2009.  And got actively involved in 2010.  It's hard to qualify for an EB 5 project,  From the project sponsor side.  For every project that is interesting, I look at 10 or 15. I’m sure Sergio and Marco would say the same thing. We look at 10 or 15 or 20 projects that don't qualify, for a number of reasons. So people, developers, sponsors, EB 5 experts find a model that works and they want to stay with it,  Cause it's messy. I've invented the cookie, I just want to keep doing it.  What is exciting about this is you’ve got people who are so talented and committed, like Navaid and Gil are for the EV project, and have spent years to bring it to this point!  The other problem that's hard with EB 5, is the project’s got to be almost shovel ready.   Sergio talked about access, right?  We were fortunate to find access with these two great, great guys, and this great project at the right time!  If they would have talked to us two years ago, we would have said, sorry.  We can't help you, cause you weren't far enough of down, down the line.  It's exciting be part of a project that is critical for the development strategic initiatives of the United States. And it is something that is in a space that is more risk protected, than maybe the typical, commercial development or real estate development.  For, for those things, I, I, I really like this project.

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Chapter 9: National Access, Global Impact: Intermestic Capital on What Sets EVelution Energy Apart in EB-5


 
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In this latest chapter of our exclusive interview series, Intermestic Capital Operating Partner Sergio Chavez-Moreno shares what makes the EVelution Energy cobalt processing project uniquely positioned to serve national interests — and why Intermestic’s global access sets their EB-5 strategy apart.

Chapter 9 of the ongoing EVelution Energy interview series with Michael Gibson, Managing Director of USAdvisors.org, features Sergio Chavez-Moreno, Operating Partner at Intermestic Capital. In this candid conversation, Sergio highlights a rarely discussed truth in EB-5 investing: most firms don’t have the access or insight needed to source projects that truly serve national strategic interests.

 Unlike typical real estate or hotel developments, the EVelution Energy project addresses critical gaps in the U.S. supply chain by bringing cobalt processing—a vital component for batteries and defense manufacturing—back to American soil. Sergio explains that what made this project possible wasn’t luck; it was Intermestic’s deliberate cultivation of relationships across sovereign capitals and national leadership circles.

 Their unique positioning allowed them to source a best-in-class investment that not only creates jobs but contributes to the nation’s industrial base, energy independence, and global competitiveness.

As Sergio puts it, “It all comes down to access—and that’s where Intermestic has the edge.”

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Evelution Energy Interview Chapter 9

Michael Gibson, USAdvisors, interviews Sergio Chavex-Moreno, Operating Partner, Intermestic Capital

Transcript

Evelution Energy Interview Chapter 9

Michael Gibson, Managing Director of US Advisors (USAdvisors.org) an independent Registered Investment Advisory Firm. Michael also owns and runs EB-5 Investments (eb5projects.com) and is an EB5 industry expert.

Marco Lopez, Managing Partner, Intermestic Capital
Sergio Chavez-Moreno, Operating Partner Intermestic Capital
Dennis Cunningham, Operating Partner Intermestic Capital, President EB5 Horizon

Michael Gibson, speaking

So Sergio, it is curious to me, and you're an attorney, why more people in the EB 5 space, are not doing projects, which do help, to, in a fundamental way the national interest.  They I, we see a lot of hotel projects, and a lot of commercial real estate, of that nature.  But it's very rare to see something like this.  Which could actually end up helping promote US industry, manufacturing, our GDP.  Because a lot of what, may be manufactured, could be even exported.  So it's curious to me why we don't, why do you think is it, we don't see more of these projects?  And to that point, why does this make your project so special?

Sergio Chavez-Moreno, speaking

Well, thank you, Michael.  First and foremost, because a lot of other firms lack Intermestic’s access.  In order to source a quality project like we did, that best in class and serves a national interest, you, you have to have access to those circles.  Right?  And that is something that we've been very fortunate to have with Marco.  Access.  Right, exposure to what's going on, on the national level, international level.  So, it all comes down to exposure and access. And I would say that is an area where Intermestic really has that advantage, right?  We make our business to be in the conversation in, well, in most the most sovereign capitals.

Michael Gibson, speaking

Yeah, no, I, and I like that. It's

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Chapter 8: Intermestic Capital’s Strategic Approach to EB-5, National Security & U.S. Manufacturing


 
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In this latest chapter of the interview series hosted by Michael Gibson, Marco Lopez of Intermestic Capital shares how national security, economic resilience, and job creation are at the center of their approach to EB-5 investing. With a focus on reshoring critical industries, Intermestic’s collaboration on the EVelution Energy cobalt facility demonstrates how immigration investment can strengthen both America’s workforce and strategic infrastructure.

In Chapter 8 of our ongoing interview series with Michael Gibson of USAdvisors.org, we hear from Marco Lopez, Managing Partner at Intermestic Capital, who shares how his team is reshaping the EB-5 investment landscape through a unique focus on national security and domestic manufacturing.

During the conversation, Marco discusses the growing importance of shortening supply chains—a lesson reinforced during the pandemic and increasingly relevant in today’s volatile global environment. Intermestic Capital has strategically shifted its focus to projects that support reshoring American manufacturing, particularly in sectors critical to national interest.

The Yuma, Arizona-based EVelution Energy cobalt processing project is one such example. This facility not only helps reduce America’s reliance on foreign supply chains but also qualifies as a High Unemployment Targeted Employment Area (TEA)—making it ideal for EB-5 investors looking to contribute to real U.S. job creation.

Marco emphasizes the value of government experience and policy insight when navigating the EB-5 space.

“Understanding how federal agencies and Congress operate gives us a distinct advantage in executing projects that serve both investors and U.S. economic goals,” he said.

Watch the full interview here to learn how Intermestic Capital is aligning immigration investment with America’s industrial future.

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Evelution Energy Interview Chapter 8

Michael Gibson, USAdvisors, interviews Marco Lopez, Managing Partner, Intermestic Capital

Transcript

Evelution Energy Interview Chapter 8

 Michael Gibson, Managing Director of US Advisors (USAdvisors.org) an independent Registered Investment Advisory Firm. Michael also owns and runs EB-5 Investments (eb5projects.com) and is an EB5 industry expert.

 Marco Lopez, Managing Partner, Intermestic Capital

Michael Gibson, speaking

Right, what we, we mentioned in the other video, with the principles was shortening the supply chain.

Marco Lopez, speaking

 Correct.

Michael Gibson, speaking

And, and we talked about how crucial it was, not only during Covid, but in times of, well, we're in a very unstable world, to a lot of volatility.  So the, the closer that the manufacturers have, and manufacturing is now taking a lot of priority and importance back in the country.  So shortening that supply chain so that the US manufacturers can deliver as what they're promising their shareholders, seems to be much more important.

 Marco Lopez, speaking

 Yeah.  And so that's what we really focused, and I moved the direction of the firm to think about and work with organizations and companies that were doing the work of coming back to America.  And, and, and reshoring those companies.  Manufacturing especially, to shorten those supply chains, as you mentioned.  And so, when the latest reform to the EB 5 space occurred, under the previous term of President Trump,  Sergio here, here brought to the table, the opportunity to both, that align with our interest at Intermestic.  Which was creating quality jobs here in our State, and here in America.  With the ability to practice our international trade.  Which was find a, a unique offering and opportunity for our network of international investors.  That were seeking to come to America and invest in job creating spaces in our State.  And so it just happened to be a perfect match. And then we set out on the work with Sergio, and with Dennis to find a premier project that fit that, those priorities.  But in this case also elevated it to my background of national interest, national security.  Finding an opportunity that did that.  And that's how our work in being the promoter sponsor of EVelution priority projects. 

 Michael Gibson, speaking

So, so, so even though Intermestic, may be, what we might say, is that newer player to the EB 5 space, you have a tremendous amount of experience.  Working with immigration and, and with the agencies and in Congress.  And, and knowing what the program is looking for in terms of job creation.  And all of the other aspects of the EB 5 program promises to, not only the investors but to the US citizens.

Marco Lopez, speaking

 Yeah.  It really fit well.  Because of in an era of uncertainty, understanding the way that the federal government works, especially around national interest and national security was key.  I was frankly surprised that more experts, coming out of the administration, haven't really taken an active role in projects dealing with EB 5 and other government programs that attract foreign investors.  Because that really is a, a space that is unique.  And you have to figure out and know the inner workings, the sausage making that you talked about, so that you could get ahead and you could be successful. And that's what we hope to accomplish with this project in Yuma. 

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Chapter 7 – Behind the Project: Intermestic Capital’s Vision for EB-5 and U.S. Economic Growth


 
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How Marco Lopez, Sergio Chavez-Moreno, and Dennis Cunningham are reshaping investment-driven development with the EVelution Energy cobalt facility

In Chapter 7 of the EVelution Energy interview series, Michael Gibson welcomes the leadership team behind Intermestic Capital: Marco Lopez, Sergio Chavez-Moreno, and Dennis Cunningham. Together, they break down the thinking and experience behind bringing this high-profile EB-5 project to market.

 Marco Lopez shares a compelling personal and professional journey—from becoming the youngest mayor in the U.S. at age 22, to serving as Chief of Staff at U.S. Customs and Border Protection during the Obama administration. His intimate understanding of government operations has shaped Intermestic Capital’s investment strategy—bridging public policy with private development in a way that supports long-term national priorities.

“After serving in Washington, it was important to bring what I learned back to Arizona,” Lopez explains. “We wanted to find projects that created real value—jobs, clean energy, and domestic manufacturing.”

This episode explains how the EVelution Energy project aligns with the goals of reshoring critical mineral processing and offering global investors a direct stake in America’s clean energy future.

 

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Evelution Energy Interview Chapter 7

Michael Gibson, USAdvisors, interviews Marco Lopez, Managing Partner, Intermestic Capital

Transcript

Evelution Energy Interview Chapter 7 Transcript

Michael Gibson, Managing Director of US Advisors (USAdvisors.org) an independent Registered Investment Advisory Firm. Michael also owns and runs EB-5 Investments (eb5projects.com) and is an EB5 industry expert.

 

Marco Lopez, Managing Partner, Intermestic Capital

Sergio Chavez-Moreno, Operating Partner Intermestic Capital

Dennis Cunningham, Operating Partner Intermestic Capital, President EB5 Horizon

 

Michael Gibson, speaking

Hi, I wanna welcome everybody back to another of our EB 5 project showcase events. My name is Michael Gibson. I'm the founder and Managing Director of US Advisers.  We are a Registered Investment Advisory firm. We have been doing research, analysis, and due diligence into EB 5 projects for 15 years now.  And it is my pleasure today to introduce Intermestic Capital’s newest project in the EB 5 market.  Which is their Evelution Energy processing plant located in Yuma, Arizona. And we do have another video with the founders and principles of EVelution Energy.  Which I encourage all of you to watch to understand more about the, the plant.  The necessity, which I had no idea there was a necessity, for cobalt in this country.  Certainly not to the extent that there apparently is.  And why this might be a good EB-5 investment for you.  As I mentioned, today we have the principles of Intermestic Capital. I want to start with Sergio Chavez-Moreno, and we have Marco Lopez Jr., who is the principal, and Dennis Cunningham. But all of these gentlemen have done a tremendous amount of work to bring this project to the market. And I would love to hear more about it from them.  Let me start with Marco.  Marco, before we start with Intermestic Capital and, and for all of you, I'd like for you to give us a bit of background into who you are, how you came to the EB 5.  And then if you have a chance, talk to us about Intermestic Capital and why you decided to bring this kind of a project to the market.

Marco Lopez, speaking

Thank you, Michael.  First of all, welcome to Arizona.

Michael Gibson, speaking

Thank you. 

Marco Lopez, speaking

As a lifelong Arizonan and grew up and was born here in this state. It's great to find opportunities that we bring back some economic development projects that go will be discussing today.  So happy to be with you today, joined, of course, by Dennis and Sergio. Look, I grew up in Nogales.  Nogales, like Yuma, where the project is sited is right along the US Mexico border. I was mayor of the City of Nogales, the youngest mayor in the country at 22 years old.  This is back in 2001.  Then served as the director of the Arizona Department of Commerce.  Here in the state in 2004 through 2008 served the state of Arizona,.  And then in 2009 moved to DC. And I served President Obama as the Chief of Staff at Customs and Border Protection.

Michael Gibson, speaking

And, and, and, and, and for people who may think you just took a position there, it, it, it was a very senior position as I understand.

Marco Lopez, speaking

Yeah, the Chief of Staff role is the individual that basically makes sure that the agency is running appropriately and correctly. Over 60,000 men and women serve Customs and Border Protection throughout the world.  That encompasses the customs service, border patrol and Air and Marines. So 60,000 people, a budget of about $17 billion. 

Michael Gibson, speaking

Yeah, so, so very senior position in the Obama administration. So you were there, you saw a lot of what they call the sausage making, that happened behind CB.  And also the sister agency USCIS.  So you're very familiar with the inner operations of how both agencies work.

Marco Lopez, speaking

That's right. The Department of Homeland Security is the umbrella organization that houses the largest unit, which is Custopms and Border Protection and USCIS, as you mentioned.  And that was one of the appealing factors of form, after forming Intermestic in 2011 is to really scope out and find projects and opportunities to bring back to Arizona.  Understanding the workings of the government, and how we could use that knowledge to facilitate projects into our state.  Because I think as you grow up here, you wanna make sure that you're giving back.  And you're finding ways to allow others to participate in that economic development opportunity.  So as, as we went through Covid, we realized that it was gonna be pressing to reshore or nearshore a lot of these companies.  I think, as you mentioned in your conversation, and we encourage obviously folks, investors to watch that video with EVelution so that they could get that. But one of the points you made is nearshoring and moving companies’ interest out of Asia back here to America. Energy Interview Chapter 6

 

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Interview Series: Chapter 6 — Clean Energy Advantage: Evelution Energy’s Solar Power Strategy


 
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How EVelution Energy is Using Solar Power to Outperform Global Competitors

In Chapter 6 of our exclusive interview series, Michael Gibson of USAdvisors.org dives into EVelution Energy’s forward-thinking approach to sustainability with Gil Michel-Garcia and Navaid Alam. EVelution is building its cobalt processing plant in Yuma County, Arizona — the sunniest county in the U.S. — where solar power not only lowers environmental impact but also gives the company a major cost advantage over overseas producers, including China.

 

Gil explains how China relies on coal and hydroelectric power, resulting in low-cost but environmentally damaging energy. In contrast, EVelution’s solar-powered operations benefit from federal tax credits under the Inflation Reduction Act, bringing energy costs down to just 3.25 cents per kilowatt hour — even cheaper than China’s rates.

 

This clean energy initiative reflects EVelution’s broader mission: creating a reliable, domestic source of cobalt while promoting green technology and economic growth in the U.S.

 

Stay tuned as we continue sharing each chapter in this compelling series.

Learn more about the project and EB-5 investment opportunities at www.eb5horizon.com

Evelution Energy Interview Chapter 6

Michael Gibson, USAdvisors, interviews Gil Michel-Garcia, Executive Vice President, Evelution Energy

Transcript

Evelution Energy Interview Chapter 6

 

Michael Gibson, Managing Director of US Advisors (USAdvisors.org) an independent Registered Investment Advisory Firm. Michael also owns and runs EB-5 Investments (eb5projects.com) and is an EB5 industry expert.

Navaid Alam, President & Chief Executive Officer

Gil Michel-Garcia, Executive Vice President, General Counsel, Treasurer & Secretary

Michael Gibson, speaking

Now, Gil Navaid mentioned that you're gonna be doing this in a greener way.  That a lot of the other factories around the world, principally in China, are using fossil fuels to, to manufacture this, to, to do run the process. You're actually going in a different direction. Could you talk about that?

Gil Michel-Garcia, speaking

Sure. I mean, one of those important elements of being in Yuma County, Arizona, which is the sunniest county in United States.   

Michael Gibson, speaking

Who knew that! Hey, there's a trivia question if you ever get it. 

Gil Michel-Garcia, speaking

Is the fact that, obviously, it is the most profitable place to put a solar plant.  Because there's the most sun on an average during the year.  And just so you get an idea in terms of costs. So China has, right now, because of its low coal or high usage of coal power generation facilities and hydropower has very cheap electricity for its producers.  Around 4 cents a kilo one hour.  We, in turn, in Yuma County are producing electricity at around six and a half cents a kilo one hour with our, our facilities.  But thanks to one of the initiatives of the IRA, which is the renewable energy tax credit, we're able to get a subsidy to be able to decrease that cost.  We’re at three dollars and twenty five cents (Correction 3.25 cents) a hour. So our power is actually gonna be even better priced

 

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Interview Series: Chapter 5 —From Cobalt Hydroxide to Battery-Ready Sulfate: Inside EVelution Energy’s Clean U.S. Refining Operation


 
Cobalt+blue+salt

Chapter 5 reveals how EVelution Energy processes cobalt without mining or hazardous waste — using a low-impact method that supports clean energy and defense innovation

In Chapter 5 of our ongoing interview series, Michael Gibson of USAdvisors.org speaks with Navaid Alam, CEO of EVelution Energy, to demystify the company’s cobalt production process—and to clarify a common misconception: EVelution is not mining cobalt.

 “The material we’re working with—cobalt hydroxide—is already mined and partially refined to about 30% purity in Africa,” explains Navaid. “Our job is to take it the rest of the way, right here in the United States.”

 EVelution Energy’s Yuma, Arizona facility will process this cobalt hydroxide using an environmentally responsible method called atmosphere bleaching, followed by solvent extraction (SX). The result is battery-grade cobalt sulfate, a cobalt “salt” used in high-performance applications — from electric vehicles to drones and aerospace defense systems.

 A Clean, Efficient, Solar-Powered Facility

  • No tailings or toxic discharge: Waste materials are non-hazardous and landfillable

  • Solar-powered operations: Reducing both carbon emissions and long-term costs

  • Standardized, globally accepted process: Nothing proprietary—just the most efficient and cleanest available

  “We’re making cobalt sulfate using the lowest-energy method possible,” Navaid adds. “This is about clean manufacturing and U.S. supply chain independence.”

Watch Chapter 5 of the interview here: https://youtu.be/EdInlyoV9l0

Learn more about the project and EB-5 investment opportunities at www.eb5horizon.com

Evelution Energy Interview Chapter 5

Michael Gibson, USAdvisors, interviews Navaid Alam, President, Evelution Energy

Transcript

Evelution Energy Interview Chapter 5

 Michael Gibson, Managing Director of US Advisors (USAdvisors.org) an independent Registered Investment Advisory Firm. Michael also owns and runs EB-5 Investments (eb5projects.com) and is an EB5 industry expert.

 Navaid Alam, President & Chief Executive Officer

Michael Gibson, speaking

I can see that point.  Navaid, you had mentioned some of the physical properties of cobalt.  The heat transfer properties, and how it's so stable under heat.  Which is why it's in such high demand by a lot of these critical sectors.  But for people who maybe curious, could you go into a little bit of the processing?  What you will be doing in this plant.  For instance, I I, I imagine that many people when they hear cobalt they may think you're actually mining it. You're actually going into the ground and digging some rock out and then doing some processing.  But it's not like that.  Could you just explain, briefly, the chemistry of what it is that you're doing?  Taking in the raw product, the base product, and then converting it into a more refined product. 

 Navaid Alam, speaking

 Sure, the product we're getting in from Africa is, actually it's mined in Africa.  And it's all also processed to a 30% purity, which is a very high purity product.  That we are then bringing into the United States. 

 Michael Gibson, speaking

 And what do you call that, that raw material?

 Navaid Alam, speaking

 That raw material that we're bringing is called cobalt hydroxide.

 Michael Gibson, speaking

 Okay.

 Navaid Alam, speaking

 And it's a, as I said, about 30% of pure cobalt, and it's, it's a very environmentally clean for us to process in the United States.  We will have no tailings on our facility site.  And we are, will be able to take up any non hazardous waste material that we have to the local landfill.  Which is, very happy to take our material for the next 200 years.  And, we're also gonna be solar powered.  So our energy is gonna be very clean and very cheap for the long run.

 Michael Gibson, speaking

 And, and you had mentioned actually the, the way you process this, which is common around the world.  We should say it's not unique. There's nothing proprietary about the way you're doing it.  But it's probably the most environmentally friendly. Can you just, briefly, describe what is the process from taking that hydroxide, that cobalt hydroxide and then converting it into a sulfate?

 Navaid Alam, speaking

 Sure,  We are going to be using the atmosphere bleaching method.  Which is the lowest heat, lowest power method of extracting the solvent.  It's called solvent extraction, which is “SX” for extracting cobalt hydroxide and turning into cobalt sulfate.  We’re then going to be using crystallizer to turn it into the salt.  So sulfate is salt.  And that salt, that cobalt salt, is then going to be sold to the battery manufacturers that make batteries for drones, for cars, other material.

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Interview Series: Chapter 4 —Cobalt and National Security: EVelution Energy Addresses a Strategic U.S. Need


 
F+22+Raptor

How a U.S.-based cobalt processing facility helps secure America’s defense readiness and clean energy future—with support from the EB-5 Immigrant Investor Program

In Chapter 4 of the ongoing interview series between Michael Gibson of USAdvisors.org and the leadership team at EVelution Energy, the conversation takes a turn into national security—and the critical role cobalt plays in both U.S. defense and clean energy infrastructure.

 Cobalt isn’t just for electric vehicles. It’s a vital material used in military drones, advanced missile systems, aerospace components, and even backup battery systems that power essential defense technology. And yet, despite its strategic importance, the U.S. has allowed its domestic cobalt stockpile to dwindle dangerously low.

 “During the Cold War, the U.S. had 13,000 metric tons of cobalt in its Strategic Defense Stockpile,” said Gil Michel-Garcia, EVP and General Counsel of EVelution Energy. “Today, we have fewer than 300 metric tons—barely enough for a few weeks of national need.”

 This alarming gap in national preparedness is why both Republican and Democratic administrations—past and present—have pushed to re-onshore critical mineral supply chains. In fact, a recent Executive Order from President Trump reaffirmed cobalt’s strategic designation, a continuation of the same focus under the Biden Administration’s Inflation Reduction Act (IRA).

 EVelution Energy’s response? Build the first U.S.-based cobalt processing facility, located in Yuma County, Arizona. The project has already drawn attention from automakers like General Motors and Stellantis, as well as national leaders focused on economic independence and defense readiness.

 “This is about more than EV batteries,” said Michael Gibson during the interview. “It’s about securing America’s future—economically, militarily, and industrially.”

 Through a strategic funding partnership with Intermestic Capital and EB5 Horizon, the project is also open to qualified immigrant investors through the EB-5 Immigrant Investor Program. This program offers eligible foreign nationals a path to U.S. permanent residency in exchange for a job-creating investment in projects like EVelution Energy.

Why This Matters:

  • National Defense: Cobalt is essential for defense technology, yet the U.S. lacks adequate reserves.

  • Re-Onshoring Production: EVelution’s Arizona facility will reduce reliance on foreign sources, especially China.

  • Bipartisan Support: Both major political parties agree on the need to secure domestic mineral processing.

  • Investor Opportunity: EB-5 investors can help fund this critical project—and earn a U.S. green card in the process.

Watch Chapter 4 of the interview now: https://youtu.be/whttX6qRHa4

🌐 Learn more about investment opportunities with EB5 Horizon: www.eb5horizon.com

Evelution Energy Interview Chapter 4

Michael Gibson, USAdvisors, interviews Gil Michele-Garcia, Executive Vice President, Evelution Energy

Transcript

Evelution Energy Interview Chapter 4

 Michael Gibson, Managing Director of US Advisors (USAdvisors.org) an independent Registered Investment Advisory Firm. Michael also owns and runs EB-5 Investments (eb5projects.com) and is an EB5 industry expert.

 Gil Michel-Garcia, Executive Vice President, General Counsel, Treasurer & Secretary

 Michael Gibson, speaking

 And we talked earlier about how Senators and Congressmen from both sides of the aisle, Republican and Democrats. These are all things that they support. Obviously, they wanna increase their manufacturing base. They wanna create employment.  So those are the, the carryovers from the RIA that, that probably would be still maintained here.

 Gil Michel-Garcia, speaking

 But, just in President Trump in his most recent enactment, which was this week, effectively, was very clear that with respect to critical minerals, it is the policy of the government of the United States and the current administration as well as the previous administration, that they are of strategic importance to the United States.  And that it is very important that we domesticate the supply chain of those materials.

Michael Gibson, speaking

 Yeah. And to that point, I mean, I think all of America learned a huge lesson during Covid.  When almost all of the pharmaceutical manufacturing, especially the mask and protective equipment, and a lot of the drug testing was being done in Asia, principally in China.  And we found out we, when we could no longer get any of that equipment, how critical that was, imagined to our health.  And now we're speaking about Department of Defense, we're speaking about US manufacturing of electrical vehicles, and other components. And I could see why they would want an emphasis. I'm having a US producer of such a critical component.

 Gil Michel-Garcia, speaking

 I'm just to give you a little bit of background on terms of the strategic defense, of the Strategic Defense Stockpile of the United States.  During the Cold War the United States has strategic defense stock of 13,000 metric tons of cobalt.  Which is used in a myriad of aerospace and defense applications and weapon systems. After the Cold War, it's decreased to about 300 metric times.

 Michael Gibson, speaking

 So almost nothing. 

 Gil Michel-Garcia, speaking

 Almost nothing.

 Michael Gibson, speaking

 Like you would say one month of…

 Gil Michel-Garcia, speaking

 Not even. several weeks, a couple of weeks.

 Michael Gibson, speaking

 A couple weeks of supply.  Can you imagine if that was the gasoline reserve? That would be crazy.

 Gil Michel-Garcia, speaking

 It would be crazy, right? And, cobalt demand has exploded and it’s expected to continue to explode.  Because of both EV applications in the growth of the aerospace and defense sector.  We just think about how drones are becoming now super important in all warfare. We're seeing it in Ukraine. It's, it's an emphasis on the South Pacific theater. And, so basically having the capacity to manufacture one of the most crucial components for EV batteries.  For drone batteries, which are all electric.  As well as for the components for aerospace and defense missile systems, and aerospace systems is a very important thing.  Which we want to not only domesticate.  But we want to be able to domestically supply the American US strategic preservative.

 Michael Gibson, speaking

 No, and I think that's a critical component of any administration. They wanna make as America as safe as possible by, you know, having our manufacturing base within our borders.

 Gil Michel-Garcia, speaking

 So just it turns as critical materials, that is the focus of both administrations, regardless of party

 

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Interview Series: Chapter 3 —EVelution Energy Aligns with U.S. Manufacturing Goals and Inflation Reduction Act


 
EVelution-Energy-Processing-Facility

EVelution Energy’s founders discuss re-onshoring manufacturing and US critical minerals policy

IIn Chapter 3 of our ongoing video interview series, Michael Gibson of USAdvisors.org speaks with Navaid Alam of EVelution Energy about the company’s alignment with U.S. industrial and energy policies.

They discuss how Evelution Energy’s cobalt processing facility — funded in part by EB-5 investments — plays a key role in shortening supply chains, reducing dependency on China, and supporting the goals of the Inflation Reduction Act (IRA).

Major companies like General Motors and Stellantis are already showing interest, and with bipartisan momentum behind re-shoring and clean energy, Evelution Energy’s future looks strong.

With EB-5 financing provided by Intermestic Capital and EB5 Hortizon, this project offers foreign investors the opportunity to participate in a transformative American industrial initiative.

Watch Chapter 3 of the interview now: Click link below

Yuma, Arizona | Powered by EB5 Horizon + Intermestic Capital

Evelution Energy Interview Chapter 2

Michael Gibson, USAdvisors, interviews Gil Michele-Garcia, Executive Vice President, Evelution Energy

Transcript

Evelution Energy Interview Chapter 3

 Michael Gibson, Managing Director of US Advisors (USAdvisors.org) an independent Registered Investment Advisory Firm. Michael also owns and runs EB-5 Investments (eb5projects.com) and is an EB5 industry expert.

 Navaid Alam, President & Chief Executive Officer EVelution Energy

 Michael Gibson, speaking

 So,  Navaid, Gil brought up a good point. We know now with the current administration, there's a huge focus from moving manufacturing offshore, in particular from China to the United States.  How do you see your plan and your initiative fitting into the current administration's goal?  And, more importantly, for US manufacturers who are looking to shorten the supply chain from having to import from overseas and to being able to buy it from a US supplier?

 Navid Alam, speaking

 Yeah, great question, Mike. We're, we're actually getting a lot of interest from, very large US purchasers, as we mentioned.  Such as General Motors and Stellantis to buy our product.  They are interested in the shortened supply chain, the just in time inventory that's located in the United States. We're definitely IRA compliant.  We have… 

 Michael Gibson, speaking

 And, and you, and you mentioned IRA.  For our listeners who may not be familiar, can you explain a little bit more about?

 Navaid Alam, Speaking

 Sure, that's the Inflation Reduction Act.  And…

 Michale Gibson, speaking

 And, and that was promoted by or instituted by President Biden, in the previous administration. There was some thought that that would be killed under Trump. But, what's your sense on that?

 Navaid Alam, speaking

 Well, we think the parts of it that are basically carrying on Trump's initial administration's policies, such as de-risking from China, re-onshoring the factories in back into the United States, hiring US labor, hiring and training American college students for great jobs in the United States.  All of that was also promoted under the IRA. And, we believe, since it was initially started by the first Trump administration, it's gonna be absolutely continued in the second Trump administration.

 

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Interview Series: Chapter 2 — Why Cobalt, Why Arizona? 


 
Cobalt Ore

EVelution Energy’s founders explain the strategic choice behind building America’s first cobalt processing facility in Yuma, Arizona.

In Chapter 2 of our exclusive interview series, Michael Gibson, Managing Director of USAdvisors.org, continues his conversation with Navaid Alam and Gil Michel-Garcia, the founders of EVelution Energy. This segment explores the global supply chain dynamics, geopolitical necessity, and strategic location of the project.

 “We’re not doing anything different than China. We’re simply repatriating and reindustrializing cobalt production—right here in the United States.”

— Gil Michel-Garcia, EVelution Energy

 The discussion highlights:

  • Why cobalt is critical to the U.S. economy, national defense, and EV manufacturing

  • How Arizona’s permitting-friendly environment and local relationships enabled rapid project progress

  • How EVelution Energy secured partnerships with Glencore, Trafigura, and ERG for raw materials sourcing

  • The importance of offering a non-Chinese supply chain alternative to major companies like Stellantis, GM, and the U.S. Department of Defense

With EB-5 financing provided by Intermestic Capital and EB5 Hortizon, this project offers foreign investors the opportunity to participate in a transformative American industrial initiative.

Watch Chapter 2 of the interview now: Click link below

Yuma, Arizona | Powered by EB5 Horizon + Intermestic Capital

Evelution Energy Interview Chapter 2

Michael Gibson, USAdvisors, interviews Gil Michele-Garcia, Executive Vice President, Evelution Energy

Transcript

Evelution Energy Interview Chapter 2

Michael Gibson, Managing Director of US Advisors (USAdvisors.org) an independent Registered Investment Advisory Firm. Michael also owns and runs EB-5 Investments (eb5projects.com) and is an EB5 industry expert.

 Navaid Alam, President & Chief Executive Officer

Gil Michel-Garcia, Executive Vice President, General Counsel, Treasurer & Secretary

Michael Gibson, speaking

 Now, now Gil, Navaid mentioned off-take.  And there's a lot of things that I'm sure our, our listeners may not be familiar with commodity processing.  You identified cobalt as one of those resources that in the United States is not being produced.  Hence, the need for the factory. Tell us why was it your thought to come to Arizona?  What is what is the cobalt going to be beneficial for in terms of, let's say, instead of purchasing it from China or from another place?  Where is it where is it primarily produced in the world?  And why should we be producing it in the United States? 

 Gil Michele-Garcia, speaking

 Well, first of all, thanks, Mike. There is no, or no material, amount of cobalt in United States in terms of mines. So, cobalt is a mineral. It's a critical mineral that occurs in conjunction with either nickel or copper.  So there are mines like the ones in Congo, which we’re sourcing, where cobalt occurs in conjunction with copper. And there are mines like the ones in Indonesia that have become famous because of the production of China and the growth that are nickel based.  So cobalt is, is one of these materials that is needed not just for the for the EV market but also for aerospace and defense applications. And when we looked at, doing this, Arizona became key.  One, because Navaid’s family and ourselves, we have experience operating in Arizona.  I mean, I ran ADARCO (Grupo Mexico’s AZ mining subsidiary) all of our international financing operations for a while.  So I'm very familiar with Arizona. 

 Michael Gibson, speaking

And that, and that was with when you were with the Grupo Mexico and now, now with your own company here.

 Gil Michele-Garcia, speaking

And, and so we had the property, and most importantly, we had very good relationships with the local community.  And that those strong relationships allowed us to be able to get the permitting quite quickly.  As most of your…

 Michael Gibson, speaking

And that's gonna be, for our listeners who don't understand in the United States, environmental issues are top and foremost typically when you apply to do any kind of metals processing or almost any kind of manufacturing. 

 Gil Michel-Garcia, speaking

Yeah, getting the permits is the most difficult thing.  So our ability to have very good relationships with a community and long standing relationship with them allowed us to be able to get the permitting.  So we have the land, we got the permitting.  And then our experience, Navaid’s and ours trading initially copper and then subsequently cobalt as commodities, physical commodities traders.  We have the experience to be able to reach out to both the clients that would supply us. And then we would have the credibility buy from them.  We’re buying from the three largest non Chinese suppliers in the world.  So Glencore, Trafigura, and ERG all based on the Congo.  And the, the fact this would be the first and largest Cobalt processing facility in the United States, allowed us to do the outreach to large clients.  Stellatis, GM, Umicore, LG Energy and also the Defense Department.  To be able to offer them a unique off-take of US refined cobalt.  That comes, in our particular case, from the Congo.  And we're also looking at expanding sources as well as from Chile.  Because there is none in the United States.  So even China that controls 75% of the refined cobalt market in the world.  Imports all of its cobalt to process in China.  So we're not doing anything different. We're essentially repatriating and reindustrializing the United States and creating a production facility for this critical mineral.  Necessary for our defense and for the growth of the energy sector in the United States controlled by American investors

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