KEPCO power expansion agreed for Pohang operations
Evolution Metals & Technologies agreed principal terms with Korea Electric Power Corporation to expand power capacity for its Pohang operations to 750 MW from 130 MW.
The expansion supports plans to lift rare earth magnet output to about 10,000 metric tons a year by end-2026.
Power is expected to be available in November 2026, aligned with a planned facility expansion and installation of ULVAC equipment.
The company also plans to buy about 1.3 million square feet of adjacent land, expanding its magnet plant to 482,000 square feet from 24,000 square feet.
It received conditional approval for a USD 20.7 million government grant tied to the expansion, pending completion of the property acquisition.
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