Up to US$64.8 Million in EB-5 Subordinated Financing to Complement Opportunity Zone Equity; Bankable Feasibility Study Targeted for Q1 2027
Yuma, Arizona, October 6, 2026 – EVelution Energy LLC (“EVelution Energy” or the “Company”), a U.S. critical minerals company developing America’s first commercial-scale, solar-powered cobalt sulfate and cobalt metal processing facility, announced that on September 30, 2026, the United States Citizenship and Immigration Services (“USCIS”) approved the project’s EB-5 investment offering, which is expected to support up to approximately US$64.8 million in subordinated project financing.
The EB-5 Immigrant Investor Program enables qualifying foreign investors to invest in U.S. projects that create new full-time jobs in return for an accelerated pathway to U.S. permanent residency for them and their immediate family members.
Capital-intensive critical minerals projects require substantial development funding for engineering, permitting, site development and technical validation before conventional senior project financing is generally available. EVelution Energy’s financing strategy is designed to bridge this development-stage gap by combining EB-5 subordinated debt with equity raised through a dedicated Qualified Opportunity Zone fund.
With the USCIS approval now received and the project’s census tract nominated by the State of Arizona for successor designation as a Rural Opportunity Zone under Opportunity Zone 2.0, EVelution Energy expects to be able to raise all of the development-stage capital that it needs to complete the project’s remaining engineering, technical and site-development work. The Company is targeting completion of its Bankable Feasibility Study in Q1 2027.
Once the project has substantially completed its development activities and advanced toward final investment decision, the Company expects construction financing to come from a separate layer of the capital stack. EVelution Energy has received a re-issued non-binding Letter of Interest from the Export-Import Bank of the United States (EXIM) indicating that EXIM can finance up to US$275 million of the project’s costs under the Make More in America initiative, subject to EXIM’s due diligence, underwriting, authorization process and other applicable requirements. Institutional equity and potential strategic investments are expected to complement that financing.
The USCIS approval adds a development-stage financing milestone to the Company’s previously announced Rural Opportunity Zone 2.0 nomination, export-credit financing initiatives, feedstock arrangements, long-term offtake agreements, solar construction and site-development work.
Construction of the solar facility commenced in June of 2026. Construction of the cobalt processing facility is expected to commence in 2027 following completion of the Bankable Feasibility Study, final investment decision and project financing, with commercial operations targeted for 2029.
Advancing Domestic Critical Minerals Infrastructure
EVelution Energy’s innovative financing strategy is intended to support domestic cobalt processing capacity at a time when more than 75% of global cobalt refining capacity is located in China and the United States has no commercial-scale cobalt refining infrastructure. The project is being developed to address this structural vulnerability and aligns with federal initiatives under the Defense Production Act to rebuild secure domestic processing capacity for materials essential to defense systems, aerospace platforms and next-generation energy technologies. As demand grows across the defense, aerospace and advanced manufacturing sectors, domestic refining capacity is increasingly important to U.S. industrial resilience and national security.
When fully operational, the facility is expected to produce approximately 7,000 metric tons of contained cobalt annually, comprising approximately 4,000 metric tons of contained cobalt in battery-grade cobalt sulfate for electric vehicle batteries and approximately 3,000 metric tons of alloy-grade cobalt metal for aerospace, defense and advanced manufacturing applications. At full operations, the facility is expected to supply up to approximately 40% of projected U.S. cobalt demand.
“The financing challenge for critical minerals projects is not limited to raising the capital required for construction. Projects must first finance the engineering, technical and development work required to become bankable,” said Navaid Alam, President & CEO of EVelution Energy. “Our EB-5 and Opportunity Zone financing strategy is designed to bridge that gap and advance the project toward the institutional capital required for construction.”
The Yuma County facility will be located in an existing Qualified Opportunity Zone (OZ 1.0), on a census tract that the State of Arizona has also nominated for successor designation as a Rural Opportunity Zone under Opportunity Zone 2.0, subject to certification by the U.S. Department of the Treasury, and is being designed to be solar-powered and operate using a closed-loop water management system that is expected to recycle approximately 70% of its process water, eliminate on-site process-water discharge and avoid on-site tailings storage or disposal.
At full development, the approximately US$450 million project is expected to generate approximately US$1.2 billion in annual economic activity across Arizona and support more than 6,200 direct, indirect and induced jobs over the life of the project. The facility is expected to attract long-term industrial investment, create skilled employment and strengthen Arizona’s position as a center for advanced manufacturing and critical minerals processing.
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 America’s first commercial-scale, solar-powered cobalt sulfate and cobalt metal processing facility, designed to produce battery-grade cobalt sulfate and alloy-grade cobalt metal and establish secure and resilient domestic refining capacity for the U.S. aerospace, defense, electric vehicle battery and advanced manufacturing sectors.
The facility will be constructed in an existing Qualified Opportunity Zone in Yuma County, Arizona. The State of Arizona has also nominated the project’s census tract for successor designation as a Rural Opportunity Zone under Opportunity Zone 2.0, subject to certification by the U.S. Department of the Treasury. The Rural Opportunity Zone 2.0 program, established under recent federal legislation building on the original Opportunity Zone framework enacted in the U.S. Tax Cuts and Jobs Act of 2017, provides enhanced long-term tax incentives for qualifying investments in rural areas supporting strategic domestic manufacturing and community revitalization.
EVelution Energy’s leadership team brings extensive experience in international infrastructure development, capital markets structuring, and strategic project execution, with a focus on building a resilient U.S. critical minerals platform.
Learn more at www.evelutionenergy.com.
U.S. “accredited investors” interested in investing in this project (Minimum Investment US$200,000) and benefiting from the substantial long-term tax advantages available under the Rural Opportunity Zone 2.0 program can learn more at https://investors.evelutionenergy.com.
Foreign “accredited investors” interested in investing in this project (Minimum Investment US$800,000) and obtaining U.S. permanent residency (a “green” card) in an expedited manner under the EB-5 Immigrant Investor Program can learn more at http://www.intermesticeb5.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 statements 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 or policy changes affecting advanced manufacturing, defense procurement, or federal critical minerals initiatives and/or 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 in U.S. demand for defense, aerospace, and advanced manufacturing applications utilizing refined cobalt products, (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 (vii) 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 structures EB-5 funds designed to deliver USCIS-compliant job creation and competitive economic returns. With deep expertise in global capital markets and comprehensive knowledge of the EB-5 Immigrant Investor Program, Intermestic provides strategic guidance to international investors seeking both financial return and U.S. permanent residency opportunities.
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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