Evolution Metals & Technologies says all 57 containers of equipment for its rare-earth magnet expansion have arrived at its facility in Pohang, South Korea. Commissioning is scheduled to begin in November, as the company advances a project it says is intended to become the largest high-performance rare-earth magnet facility outside China.
The company also signed an investment framework with Pohang City to support the expansion. It expects about $28 million in local government grant funding, though the announcement does not say that the money has been received.
Key details
- Equipment delivery is complete: The 57 containers hold ULVAC equipment for producing sintered magnets. EM&T says it secured the equipment in months, compared with industry lead times of two years or more.
- The facility is not yet described as operating at its planned scale: Commissioning is scheduled to start in November. The company plans to expand annual Pohang production capacity to about 10,000 metric tons, including roughly 6,000 metric tons of high-performance sintered magnets.
- Supply and infrastructure claims: EM&T says more than half of its input materials are sourced outside China, either under contract or already on site. It also says it has Tier-1 original-equipment-manufacturer certifications across eight grades and 880 MW of power in place.
- Government support remains expected, not confirmed as received: The investment framework with Pohang City is expected to support approximately $28 million in grants. The announcement does not provide the timing, conditions or disbursement schedule for that funding.
- Timing against China-related export controls: EM&T says the equipment arrived ahead of Nov. 10, 2026, the date it cites for the end of a suspension of Chinese rare-earth export controls. It also points to a U.S. defense procurement restriction scheduled to take effect Jan. 1, 2027, which the company says will increase the importance of mine-to-magnet sourcing.
- Upcoming event: The company plans a ribbon-cutting and operational showcase at the Pohang facility on Dec. 17, 2026.
What changes for investors
The delivery removes one equipment-arrival hurdle, but commissioning, facility readiness, materials supply, customer qualification and the planned production ramp remain important steps before the expansion can deliver at its intended scale. The grant support is also described as expected rather than received. EM&T says the Pohang project is part of a broader strategy that includes a planned U.S. buildout.