Evolution Metals & Technologies Corp. agreed principal terms with Korea Electric Power Corporation to expand power capacity serving its Pohang operations from 130 megawatts to approximately 750 megawatts. The company plans to acquire 1.3 million square feet of adjacent land, expand its manufacturing footprint from 24,000 square feet to 482,000 square feet and install additional equipment, including ULVAC machinery scheduled for November 2026. The project is intended to scale rare earth magnet production from 1,000 tons to more than 10,000 metric tons by the end of 2026. Pohang City and Gyeongbuk Province have conditionally approved a grant of approximately $20.7 million, while KEPCO is expected to fund about 90% of related substation, cabling and civil-work costs.