Press Release: Evelution Energy Receives $200 Million Loi from U.S. Exim Bank to Fund Construction of U.S. Cobalt Processing Facility | Welcome to EVelution Energy
Summary
Yuma, Arizona, December 2, 2024 Evelution Energy LLC (EVelution Energy or the Company) is pleased to announce that it has received a non-binding Letter of Interest (LOI) from the Export-Import Bank of the United States (EXIM) for a loan of up to $200 million, with tenor of 18 years, to fund the construction and operation of its solar-powered cobalt production facility in Yuma County, Arizona.This debt facility is being extended to EVelution Energy under EXIMs Make More in America initiative (MMIA), and may be eligible for special consideration under EXIMs China and Transformational Export Program (CTEP). Under CTEP,EXIM Bank can take steps to mitigate the competitive impact of export support provided by the Peoples Republic of China (PRC) and other covered countries, in order to accelerate the comparative leadership of the United States in certain Transformation Export Areas, like Renewable Energy, Storage & Efficiency.Cobalt is a critical mineral used in applications and equipment in the aerospace and defense industries, as well as in the energy transition. This collaboration will also create a blueprint for sustainable workforce job creation and real wage growth in rural areas.EVelution Energys cobalt processing facility is expected to have a huge impact on the local economy, generating more than $750 million in economic activity, and creating more than 3,000 new jobs during the life of the project.Following EVelution Energys formal application, EXIM is expected to complete their remaining due diligence and other required underwriting analysis to determine their final funding commitment. The Opportunity Zone Program was established by the U.S. Tax Cuts and Jobs Act of 2017 and provides major tax incentives for investors in U.S. companies, like EVelution Energy, that invest in these economically distressed communities.Our leadership team of experienced international infrastructure experts is committed to providing the secure domestic supply chain of IRA qualified, responsibly sourced, critical minerals that U.S. electric vehicle, aerospace and defense manufacturers need to move forward with confidence. As an independent federal agency, EXIM contributes to U.S. economic growth by supporting tens of thousands of jobs in exporting businesses and their supply chains across the United States.