ExpansionMay 14, 2026, 09:01 AM
Evolution Metals to Scale Rare Earth Magnet Capacity to 10,000 Tons with ULVAC
AI Summary
Evolution Metals & Technologies Corp. announced that its wholly owned subsidiary, Evolution Metals LLC, entered into eight equipment supply contracts with ULVAC Korea, Ltd. for the purchase of 13 vacuum induction melting and continuous vacuum sintering furnaces. This strategic acquisition is intended to significantly expand the company's rare earth metal and rare earth permanent magnet production operations. The goal is to scale annual rare earth magnet production capacity to 10,000 metric tons, including 6,000 metric tons of high-performance sintered magnets, with expedited delivery and installation by November 2026, positioning EMAT as a leading producer outside of China.
Key Highlights
- Evolution Metals' subsidiary signed 8 equipment supply contracts with ULVAC Korea for 13 machines.
- The contracts are for 9 vacuum induction melting furnaces and 4 continuous vacuum sintering furnaces.
- Aims to expand annual rare earth magnet production capacity to 10,000 metric tons.
- Includes 6,000 metric tons of high-performance sintered magnets.
- Expedited delivery and installation of all 13 machines by November 30, 2026.
- Payment structured in four installments tied to project milestones.
- ULVAC Korea is required to provide performance guarantee insurance and cargo insurance.
- Contracts are governed by the laws of the Republic of Korea, with arbitration for disputes.