EVelution’s U.S. Cobalt Processing Project Qualifies for EB-5 Financing of Up to US$64.8 Million

Published: Oct 08, 2026 13:56 (GMT+8)

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According to EVelution Energy on October 6, the U.S. Citizenship and Immigration Services approved the company’s Arizona cobalt processing project for the EB-5 investment program on September 30, potentially providing up to US$64.8 million in subordinated financing.

EVelution aims to complete a bankable feasibility study in the first quarter of 2027, begin construction in 2027 and achieve commercial operations in 2029.

The project is estimated to require approximately US$450 million in total investment and is designed to process about 24,000 tonnes per year of cobalt hydroxide feedstock. Planned output includes around 20,000 tonnes per year of battery-grade cobalt sulfate, equivalent to approximately 4,000 tonnes of contained cobalt, together with up to 3,000 tonnes per year of cobalt metal, for a combined cobalt capacity of about 7,000 tonnes per year.

The project has previously received a non-binding financing indication of up to US$275 million from the U.S. Export-Import Bank and has established cobalt feedstock cooperation frameworks with EGC and Trafigura.

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