EVelution Energy has announced that U.S. Citizenship and Immigration Services approved the EB-5 investment offering for its solar-powered cobalt processing facility in Yuma County, Arizona, on September 30, 2026. The project will be the first of its kind in the United States.
Construction is already underway
Construction of the project's 28-megawatt solar facility began in June 2026. The solar plant will power the cobalt processing facility, giving it clean, low-cost energy in one of the sunniest counties in the country.
What EVelution is building
The facility is designed to produce about 7,000 metric tons of contained cobalt a year, roughly 4,000 tons as cobalt sulfate and 3,000 tons as cobalt metal. That is up to roughly 40% of projected U.S. cobalt demand. Cobalt is essential to EV and drone batteries, jet engines and defense systems, and today most of the world's refined cobalt is processed in China.
Momentum behind the project
• A cobalt metal offtake agreement with Mitsui & Co. valued at about $850 million (announced April 2026)
• A re-issued, non-binding letter of interest from the Export-Import Bank of the United States for up to $275 million under its Make More in America initiative (August 2026)
• Confirmed groundwater resources at the project site (announced July 2026)
What comes next
EVelution is targeting a bankable feasibility study in the first quarter of 2027, followed by construction of the processing facility, with commercial operations targeted for 2029.
EB5 Horizon is proud to work alongside EVelution Energy on this project.
Read EVelution Energy's full announcement:
"The financing challenge for critical minerals projects is not limited to raising the capital required for construction." — Navaid Alam, President and CEO, EVelution Energy
To learn more about this offering, contact EB5 Horizon
This post is for informational purposes only and does not constitute an offer to sell or a solicitation of an offer to buy any security. Any offering will be made only to qualified investors by means of confidential offering documents, and only in jurisdictions where permitted by law. USCIS approval of the I-956F does not guarantee approval of any individual investor petition. All returns are subject to the terms, conditions and risks described in the offering documents, and EB-5 investments involve risk, including loss of capital.
This post contains forward-looking statements, including projections of production, jobs, economic impact and timelines, which are based on current expectations and are subject to risks and uncertainties that could cause actual results to differ materially.