WSW, NY, October 1st, 2026, FinanceWire
A shortage of magnets can stop a car factory. The International Energy Agency documented exactly that after China tightened rare earth export controls in 2025: some automakers cut output or temporarily halted production when supplies became difficult to obtain. Building an alternative source means getting the entire manufacturing chain working, including the electricity needed to run it.
Evolution Metals & Technologies Corp. (Nasdaq: EMAT) announced a significant development this morning aimed at that exact requirement. According to the announcement, EM&T signed a non-binding letter of intent with VIVIFY Technology to evaluate dedicated hydrogen power for its planned U.S. magnet campus. The announcement signals that EM&T is working to expand its energy options as it pursues a broader plan: grow an existing magnet manufacturing operation and build more of the supply chain America needs outside China.
The size of that opening becomes clearer at the factory level. China accounted for 94% of global sintered permanent magnet production in 2024, according to the IEA. These are powerful magnets used in electric motors and other demanding applications, including vehicles, industrial equipment and defense systems. A buyer seeking a different source needs a supplier that can deliver a finished component with the required performance and consistency. U.S. defense rules already bar magnets melted or produced in covered countries, including China, and from January 1, 2027, the restriction extends to the entire supply chain, from mining through finished magnets.
Evolution Metals already makes those components. In June, the company reported completing customer quality certification with two global Tier-1 electronics manufacturers across six sintered magnet grades at its existing operations in South Korea. The certified range includes high- and super-high-temperature grades, and the company said it was producing the certified grades at commercial scale.
That gives its expansion a concrete starting point: products that have passed customer testing and a manufacturing operation already producing them. The certifications cover electronics customers, so additional applications can require their own approvals. But Evolution Metals can pursue its next stage of growth with customer-qualified products already in production.
The planned increase in capacity is substantial. Evolution Metals has binding purchase orders for 13 additional ULVAC sintered-magnet production machines, with delivery and installation scheduled for November 2026. Together with facility and infrastructure expansion, the company is targeting approximately 10,000 metric tons of annual magnet capacity at its operations in Pohang, South Korea, compared with about 1,000 today. Roughly 6,000 tons of the target would be high-performance sintered magnets.
Achieving that target depends on financing, facility and power infrastructure work, and equipment commissioning. Capacity also has to translate into customer orders and shipments to generate revenue. Still, a tenfold expansion would give Evolution Metals considerably more product to offer manufacturers seeking alternatives to Chinese supply, using a production base that already exists.
The raw materials behind the magnets are another part of that case. In July, Evolution Metals announced receipt of an initial shipment of non-China neodymium-praseodymium metal, a key magnet ingredient, produced by SRE Vietnam under its supply arrangement with Senri Trading. That is a tangible supply-chain milestone: material delivered for manufacturing, which the company has described as the first stage of an agreement to scale deliveries with production.
The planned U.S. campus would extend the business further. Evolution Metals intends to combine recycling and rare earth processing with magnet manufacturing, bringing more of the conversion from feedstock to finished product into its own industrial operation. Existing production and the planned Pohang capacity expansion are separate from that future American campus. The VIVIFY evaluation fits here, as work on the power needed to support the domestic buildout.
The commercial backdrop extends beyond replacing Chinese supply. The IEA projects demand for magnet rare earths to rise by about a third by 2030 under current policy settings, following a doubling since 2015. That creates room for suppliers that can qualify products, obtain materials and add dependable manufacturing capacity as customers diversify their sourcing.
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