Phoenix, AZ, April 29, 2026 (GLOBE NEWSWIRE) -- Intermestic Capital LLC today announced that EVelution Energy LLC, a project sponsored through its Intermestic EB5 Fund II, LP (the "Intermestic Fund") under the EB-5 immigrant investor program, has entered into a binding five-year cobalt offtake agreement with Mitsui & Co., Ltd. ("Mitsui"), valued at approximately $850 million. The agreement provides contracted revenue visibility, improving the project's financing profile and helping to mitigate certain commercial risks.

EVelution Energy and Mitsui & Co. Strengthen US Cobalt Supply Chain

EVelution Energy is the developer of the first solar-powered, commercial-scale cobalt processing facility in the United States, located in Yuma County, Arizona. More than 75% of global refined cobalt production is currently concentrated in China, underscoring the strategic importance of developing domestic processing capacity in the United States. The facility is designed to help address this supply gap.

Cobalt is a critical input not only in electric vehicle batteries, but also in jet engine superalloys, satellite systems, permanent magnets (including samarium cobalt (SmCo) magnets), high-performance microchips, and other advanced technologies.

When fully operational, the Yuma County plant is expected to produce up to 7,000 metric tons of cobalt sulfate and cobalt metal annually, supplying a meaningful share of U.S. demand across aerospace and defense, electric vehicle batteries, and advanced manufacturing.

The EVelution Energy EB-5 project has been submitted by the Intermestic Fund to USCIS for expedited review based on its national security designation. ...