This company manufactures carbon-neutral, battery-grade cobalt sulfate for electric vehicle batteries. Their processing facility is solar-powered, utilizing excess solar energy to recharge battery storage, enabling the production of sustainable battery materials.
Funding
$200M raised to dateRaised to date based on public sources. This may differ from the amount the company actually raised and is based only on what is publicly available on the internet.
EIFounders
Product
Problem
The electric vehicle (EV) battery and super alloy metal industries in North America face a heavy reliance on foreign sources, particularly China, for battery-grade cobalt. This dependence creates supply chain vulnerabilities and potential national security concerns. A lack of domestic cobalt processing capacity hinders the growth of the North American EV battery manufacturing sector.
Solution
EVelution Energy is constructing a solar-powered, carbon-neutral cobalt processing facility to supply battery-grade cobalt sulfate and alloy-grade cobalt metal to the North American market. The facility will purchase cobalt hydroxide and other cobalt intermediates from major suppliers under long-term contracts and process them into battery-grade and alloy-grade materials. By establishing a domestic source of cobalt, EVelution Energy aims to reduce reliance on foreign entities, support the expanding EV battery manufacturing sector, and contribute to U.S. energy independence. The facility is designed for responsible sourcing, water recycling, and minimal environmental impact, aligning with net-zero emission goals.
Target Audience
The primary customers are EV battery material precursor plants, aerospace and defense companies, and global metal traders in the U.S. and Canada.
Features
- Solar-powered operations using 28.4 MW (peak) solar arrays, reducing carbon footprint
- Hydrometallurgical cobalt processing with heated solutions stored overnight
- Water treatment plant recycling approximately 70% of water used
- Collection and off-site disposal of tailings at a licensed local landfill
- Closed facilities with state-of-the-art air filtration systems to minimize dust
- Climate-controlled warehouses for storing cobalt metal and cobalt intermediates
- Long-term supply contracts and hedging strategies to assure supply and mitigate price volatility
- Capacity to meet 40% of the expected 2027 cobalt demand for U.S. domestic EV, aerospace, and defense applications