Yuma, Arizona, April 9, 2025 – Evelution Energy LLC, an Arizona based critical minerals processor (“EVelution”) is pleased to announce that it has launched a financing of up to $64.8 million in secured subordinated debt under the EB-5 Immigrant Investor Program, to fund the construction and operation of its groundbreaking solar-powered cobalt production facility in Yuma County, Arizona.
This transformational project has strong bi-partisan support from multiple federal, state and local representatives, including Arizona Governor Katie Hobbs, U.S. Senators Mark Kelly (D-AZ) and Ruben Gallego (D-AZ), as well as U.S. Rep. Paul Gosar (R-AZ District 9 in whose district the Project is located), and was unanimously approved by the Yuma County Board of Supervisors.
This financing under the EB-5 Immigrant Investor Program (the “EB-5 Program”) is being raised through the Intermestic EB5 Fund II, LP, a special purpose vehicle created by Intermestic Capital LLC, the Arizona based EB-5 advisory firm founded by Marco Lopez, the former Mayor of Nogales, AZ and Chief-of-Staff of U.S. Customs and Border Protection during the Obama Administration. The EB-5 Program, administered by U.S. Citizenship and Immigration Services (USCIS), grants permanent U.S. residence to foreign individuals and their families who are “accredited investors” and make a significant qualified investment (minimum investment US$800,000) in USCIS approved projects that generate substantial new jobs in rural and/or high unemployment areas in the United States.
EVelution has filed its project with USCIS as an expedited national security interest project, and expects to receive priority processing treatment from USCIS, as the project is critical to the resilience of the U.S. defense industrial base. EB-5 projects that are granted priority treatment by USCIS provide foreign EB-5 investors with the possibility of obtaining a U.S. “green card” in a matter of months.
Together with the $200 million senior secured financing offered to EVelution Energy by the U.S. Export Import Bank (EXIM) under the Make More in America initiative, this EB-5 financing will provide a substantial majority of the capital required to complete the construction of EVelution Energy’s cobalt processing facility in Arizona. The Company expects that the facility will be the first and largest solar-powered cobalt processing facility in the United States.
Cobalt is a critical mineral that is essential for aerospace alloys and critical defense technologies, as well as high-performance lithium-ion batteries. Currently, more than 75% of the world’s refined cobalt is produced in China, while there are no commercial-scale cobalt processing facilities in the U.S.
Construction of the Arizona facility is expected to start at the end of 2025 with full operation by the end of 2027. When fully operational, the facility is expected to be able to domestically produce up to 40% of estimated cobalt demand in the United States.
Located in a “qualified opportunity zone” in Yuma County, Arizona, EVelution Energy’s solar-powered cobalt processing plant will (i) domesticate a strategically important piece of America’s critical minerals supply chain, (ii) expand the capabilities and resilience of the U.S. defense, aerospace and automotive industrial base, (iii) enhance national security and economic self-sufficiency by de-risking America’s cobalt supply chain from China, and (iv) create new well-paid stable jobs and generate substantial economic growth in an underserved and economically disadvantaged rural area in the State of Arizona.
EVelution Energy’s cobalt processing facility is expected to have a substantial impact on the local economy, generating more than $750 million in economic activity, and creating more than 3,300 direct, indirect and induced new jobs during the life of the project. Moreover, EVelution Energy expects to jointly develop apprenticeship/training programs to train its local workforce at the Wellton Manufacturing Training Center, in partnership with the Arizona Western College.
The Yuma County facility will not only generate its own solar power, but will also deliver surplus electricity to nearby farmers while recycling approximately 70% of the water it uses and having no tailings, thereby minimizing its impact on the surrounding environment. This Press Release shall not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such state or jurisdiction.
Need an interview or further information? Please contact EVelution Energy’s Press Office at: [email protected]
ABOUT EVELUTION ENERGY
EVelution Energy LLC is developing the first solar- powered commercial-scale facility to supply some of the critical minerals that the U.S. electric vehicle, aerospace and defense industries need today. Our solar powered cobalt sulfate and cobalt metal processing plants will be built in a rural economically-disadvantaged “qualified opportunity zone,” in Yuma County, Arizona. The Opportunity Zone Program was established by the U.S. Tax Cuts and Jobs Act of 2017 and provides major tax incentives for investors in U.S. companies, like EVelution Energy, that invest in these economically distressed communities.
Our leadership team of experienced international infrastructure experts is committed to providing the secure domestic supply chain of IRA qualified, responsibly sourced, critical minerals that U.S. electric vehicle, aerospace and defense manufacturers need to move forward with confidence. Learn more at www.evelutionenergy.com.
Cautionary Statement Concerning Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements are not historical facts and EVelution Energy has based these statmenet6s on management’s current expectations and assumptions. Forward-looking statements involve inherent risks and uncertainties, and a number of factors could cause actual results to differ materially from those contained in any forward-looking statement. These factors include,
but are not limited to, (i) regulatory changes that could impact the electronic vehicle market in the U.S. and/or the funding available to the Export Import Bank under the Make More in America initiative, (ii) potential construction delays, supply chain issues, governmental approvals and regulatory, environmental or other issues encountered in connection with the development and construction of the facility, (iii) growth of the electronic vehicle market within the U.S. (iv) capital and credit market volatility, (v) local and global economic conditions, (vi) changes within USCIS relating to projects that qualify for priority treatment, and (vi) our future business development, results of operations and financial condition. In some cases, forward-looking statements can be identified by words or phrases such as “may,” “will,” “expect,” “anticipate,” “target,” “aim,” “estimate,” “intend,” “plan,” “believe,” “potential,” “continue,” “is/are likely to” or other similar expressions. All information provided in this press release is as of the date of this press release, and EVelution Energy undertakes no duty to update such information, except as required under applicable law.”
ABOUT INTERMESTIC CAPITAL:
Intermestic Capital LLC is an international investment firm specializing in private equity financing for transformative projects that drive economic growth and align with U.S. national strategic interests. By expertly managing geopolitical and regulatory risks, Intermestic maximizes investor returns. The firm’s EB-5 funds are structured to deliver USCIS-compliant job creation and competitive economic returns. With deep expertise in global capital markets, comprehensive knowledge of the EB-5 Immigrant Investor Program, and strong industry connections, Intermestic delivers exceptional value and strategic guidance to its investors.
Intermestic Capital leverages deep geopolitical insight and a high-level global network to navigate complex investments with precision. Its strategic access to key decision-makers across government and industry positions the firm as a trusted leader in the international arena.
Go to http://www.intermesticeb5.com for more information about the Intermestic EB5 Fund II, LP.
If you are a foreign “accredited investor” interested in investing in this project and immigrating to the United States, please contact Intermestic Capital at [email protected].
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