Evolution Metals & Technologies Plans to Generate Its Own Power at the Scale of Five Nuclear Reactors

WSW, NY, October 7th, 2026, FinanceWire

An LOI with UK-based INERGX sketches a U.S. recovery facility built around on-site generation, non-China batteries and a closed materials loop.

Large industrial projects used to start with land. Increasingly, they start with power. Evolution Metals & Technologies Corp. (NASDAQ: EMAT) put that idea at the center of its October 6 announcement. The company announced a Strategic Partnership Letter of Intent with INERGX Energy Optimisation Ltd., an energy storage and power optimization company based in England. Under the LOI, INERGX would engineer, supply, integrate and service the storage and power systems for EM&T's planned U.S. facility for critical materials and battery black mass recovery. The company says the site is planned at approximately 1 GW of on-site capacity within two years and up to approximately 5 GW at full build-out, powered by on-site LNG generation.

A Facility Sized Like a Utility

The numbers are easier to read with a yardstick. According to the U.S. Department of Energy, a nuclear plant produces around 1 gigawatt of power on average. On that basis, EM&T's planned First Phase would match one reactor, and full build-out would match five. The company estimates that full planned output equals the annual electricity use of approximately 4 million American homes, based on U.S. Energy Information Administration residential data.

The scale reflects a pattern already visible in the company's Korean operations. In August, EM&T agreed to principal terms with Korea Electric Power Corporation to raise the power serving its Pohang magnet operations from 130 MW to approximately 750 MW. Management described large blocks of reliable power as "incredibly difficult to secure" as demand rises from data centers, AI infrastructure and advanced manufacturing. The INERGX LOI takes that view to the United States, with a twist: rather than waiting on a utility, the company intends to generate and control the power itself.

Taking China Out of the Battery Stack

The second notable feature is where the storage hardware would come from. The International Energy Agency put China's share of global battery cell manufacturing capacity at 85% in 2024, according to Argus. Under the LOI, INERGX intends to source cells, packs and battery management systems from qualified European or other approved non-China partners. Each component would carry full country-of-origin documentation, and no source could change without EM&T's written approval.

That fits the company's broader positioning. EM&T's magnet business is built around non-China feedstock ahead of DFARS 252.225-7052, the Pentagon sourcing rule taking effect January 1, 2027. The company is now applying the same discipline to the equipment that would power its own plant.

A Loop That Feeds Itself

The third element may be the most interesting strategically. The two parties will evaluate routing end-of-life battery packs back to EM&T for critical materials recovery. That would include packs from EM&T's own systems and, where agreed, from INERGX's wider installed base. INERGX will also consider using cells made with EM&T-recovered materials. In the company's framing, the power infrastructure is designed to become a future source of its own feedstock.

"That is not an energy contract," Executive Chairman David Wilcox said in the announcement. "That is EM&T building a closed-loop, American-controlled critical materials platform from the power plant up."

What Comes Next, and What Is Still Open

The LOI sets a tight timetable. EM&T is to provide site inputs within two weeks of signing, and INERGX is to deliver a First Block Study within eight weeks of receiving them. The study is meant to define storage capacity, power quality and indicative costs, and will be validated through an accredited testing partner in Italy. The parties then aim for definitive agreements on the first block within twelve weeks of the study's acceptance, and the LOI contemplates a ten-year service agreement.

The Korean business remains the near-term driver. EM&T has guided to fiscal 2027 revenue of $400 million to $460 million, tied to expanding Pohang magnet capacity from approximately 1,000 to approximately 10,000 metric tons. The U.S. facility described in the INERGX LOI sits further out.

Over the next three months, the INERGX study, the company's planned December 17 operational showcase in Pohang and the January 1 DFARS effective date all fall in sequence. Execution risk is real for a company still early in a large buildout. Still, the INERGX LOI shows EM&T designing its U.S. growth around the input that is getting harder to secure: power it controls.

Recent News Highlights from Evolution Metals & Technologies Corp. (NASDAQ: EMAT)

Evolution Metals & Technologies Selects INERGX to Power Planned 5 GW U.S. Facility, With Capacity Equivalent to Approximately 4 Million American Homes

EM&T to Host Operational Showcase of the Largest High-Performance Rare Earth Magnet Facility in Production Outside China on December 17, 2026, Anchoring Expansion to 10,000+ Metric Tons of Annual Capacity

VIVIFY Technology and Evolution Metals & Technologies Sign Letter of Intent for Behind-the-Meter Hydrogen Power for EM&T's Planned U.S. Rare Earth Magnet Campus

Evolution Metals & Technologies Provides Initial Revenue Guidance of $400-460mm for Fiscal Year 2027

Evolution Metals & Technologies Corp. Announces Major 750 Megawatt Power Infrastructure Expansion to Scale Magnet Production to Approximately 10,000 Metric Tons Annually

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