05/28/2026
Congrats to our client, EVelution Energy, on another major milestone for America’s critical minerals supply chain.
Finnvera’s US$70M LOI, alongside EXIM’s US$200M LOI, adds momentum to EVelution’s Arizona cobalt processing facility and secure domestic refining.
Another major step toward rebuilding America’s critical minerals supply chain.
Finnvera, the Export Credit Agency of Finland, has issued a non-binding Letter of Interest (LOI) for up to US$70 million of potential support for EVelution Energy’s Arizona cobalt processing facility.
The proposed support from Finnvera will facilitate the procurement of advanced Finnish hydrometallurgical processing equipment and technology from Metso, a global leader in sustainable mining and metal processing technologies.
Together with the Export-Import Bank of the United States (EXIM)’s $200 million financing LOI, this marks continued momentum toward establishing secure, resilient, non-FEOC critical minerals processing capacity in the United States.
At a time when the United States lacks commercial-scale domestic cobalt refining capacity, allied industrial cooperation is becoming increasingly strategic.
Why this matters:
• The U.S. remains heavily dependent on foreign refined cobalt supply chains.
• More than 75% of global refined cobalt processing is concentrated in China.
• Domestic refining is essential for aerospace, defense, EV batteries, and advanced manufacturing.
• Allied-nation industrial cooperation is becoming increasingly important to supply chain security.
is advancing the first commercial-scale cobalt sulfate and cobalt metal processing facility in the United States.
