EVelution Energy Secures $850M Cobalt Supply Deal with Japan's Mitsui

Key Facts

1EVelution Energy signed an $850 million agreement to supply cobalt to Japan's Mitsui for five years.

2The cobalt will be supplied from EVelution Energy's facility located in Arizona.

EVelution Energy has finalized a significant five-year agreement worth $850 million to supply cobalt to the Japanese conglomerate Mitsui. Under the terms of the deal, the critical mineral will be sourced from EVelution Energy’s processing facility located in Arizona. This partnership highlights the growing demand for cobalt, a vital component in the production of electric vehicle batteries. The contract provides substantial revenue visibility for EVelution Energy while securing a stable supply chain for Mitsui's green energy initiatives. By utilizing a domestic U.S. facility, the deal also addresses increasing concerns regarding the security and transparency of critical mineral sourcing. This strategic move is expected to strengthen the market position of both companies within the global EV ecosystem.