What is the value, duration, and scope of EVelution Energy's cobalt supply agreement with Mitsui?

EVelution Energy signed an $850 million, five-year agreement to supply cobalt from its upcoming Yuma County, Arizona facility to Japan's Mitsui; the deal covers up to 3,000 metric tons of contained cobalt per year, with 'contained cobalt' defined as the volume of pure cobalt within products such as cobalt sulfate or cobalt metal.

Why is cobalt strategically important, and what are the key timelines and economic impacts of EVelution Energy's Arizona facility?

Cobalt is a critical input in EV batteries and is also used in jet engine superalloys, satellite systems, permanent magnets, and high-performance microchips; construction of the Arizona facility is expected to begin in early 2027 and be completed by end-2029, with full operational capacity projected to deliver up to 7,000 metric tons per year of cobalt sulfate and/or cobalt metal, and the project is expected to create more than 3,300 jobs in Yuma County.

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EVelution Energy signs $850 million deal with Mitsui to supply cobalt

Apr 28, 2026

EVelution Energy has secured an $850 million agreement with Mitsui to supply up to 3,000 metric tons of cobalt annually from its upcoming Arizona facility, strengthening U.S.-Japan critical mineral supply chains.

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