WSW, NY, September 11th, 2026, FinanceWire
Oil became central to the global economy because entire industries needed it to keep moving. Cars, trucks and aircraft created demand for petroleum fuels, making reliable supply a commercial and strategic priority. The business grew around a basic dependency: expanding transport networks needed producers that could keep supplying them.
Rare earth magnets are emerging as a modern counterpart as more machines run on electricity. These small, powerful components help motors deliver strong, precise movement in the limited space inside electric vehicles and industrial robots. Their role in the equipment being built around electrification and automation makes them candidates for the “new oil” of that economy. Evolution Metals & Technologies Corp. (NASDAQ: EMAT), or EM&T, already manufactures and sells these magnets and is preparing to expand production.
The demand is already measurable. The International Energy Agency reports that demand for the rare earth elements used in magnets has doubled since 2015 and projects another one-third increase by 2030 under current policies. Magnets are durable manufactured components, so their demand follows the production of equipment that uses them. As those industries expand, they need more of the materials that make their motors work.
Supplying the industries built around them
Oil producers could supply competing carmakers' customers without building a car themselves. Magnet manufacturers can pursue a similar position across equipment brands, provided their products meet each customer's specifications. For Evolution Metals, that means pursuing orders from the companies building electric vehicles, robots and industrial equipment, with existing customer-qualified products as its starting point.
Producing those components is a demanding business. Stronger magnets can help manufacturers build smaller, more efficient motors, according to the U.S. Department of Energy's ARPA-E program. Buyers also need consistent performance under the conditions their equipment will face. Manufacturing experience and customer testing therefore have commercial value: they help establish whether a supplier can deliver a usable product repeatedly.
Manufacturers are spending to secure the supply
The existing supply is highly concentrated. China accounted for 94% of global sintered permanent magnet production in 2024, according to the IEA. Those are magnets made by pressing and heating powdered material into solid components. The agency also found that magnets produced outside China retained a price premium after exports recovered from the 2025 restrictions, reflecting buyers' growing concern about supply security.
Large manufacturers have begun committing money to alternatives. In July 2025, Apple announced a $500 million commitment with MP Materials that includes a multiyear agreement to buy American-made rare earth magnets, along with manufacturing and recycling expansion. That commitment is with MP, but it demonstrates the scale of commitment a buyer has made to establish another source. For EM&T, the potential business lies in supplying customers seeking qualified products from outside China.
Evolution Metals has a production base to build on
EM&T brings operating experience to that effort. In its August update, the company reported ongoing commercial sales of bonded and sintered magnets through businesses with more than 18 years of operating history. It is expanding from existing manufacturing operations, giving it practical experience with production and customer requirements before the next capacity increase.
In June, its subsidiaries completed quality certification with two unnamed major electronics manufacturers across six grades of high-performance magnets. These included grades designed for higher temperatures, and EM&T said all six were already being produced at commercial scale. The qualifications give the company evidence of product performance to support customer discussions. Additional buyers still need to approve products for their own uses, but EM&T has already completed that process with customers for the disclosed grades.
The next step is larger-scale production. EM&T has entered binding contracts for 13 ULVAC sintered-magnet production machines, scheduled for delivery and installation in November 2026, and management is targeting approximately 10,000 metric tons of annual capacity by year-end. The expansion is at its existing Pohang operations in South Korea. Reaching that target requires financing, completion of land and power arrangements, facility construction and successful commissioning.
Separately, the planned U.S. industrial campus would create a domestic manufacturing base drawing on capabilities in EM&T's existing businesses, as described in its filing. That gives the strategy a near-term production expansion and a longer-term route to serving customers seeking U.S. supply.
The “new oil” argument comes down to the business behind the machines. As manufacturers build more electric vehicles and robots, suppliers can compete to provide the materials those products require. EM&T already has commercial sales and qualified magnet grades. Executing its expansion and winning orders for that added capacity would give it a way to grow with those industries, one shipment of finished magnets at a time.
Recent News Highlights from Evolution Metals & Technologies Corp. (Nasdaq: EMAT)
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