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EVelution Energy LLC is an electric vehicle battery materials processing company, announced Approved development of the first solar-powered cobalt sulfate treatment facility in the United States. The facility will produce cobalt sulfate for electric vehicle (EV) batteries and will create over 360 jobs in Yuma County, Arizona.
EVelution Energy is position The company says it can produce more than 36,000 tons of EV battery-grade cobalt sulfate per year, supporting about 470,000 EVs per year. Officials said the cobalt sourced at the location is only sourced from companies that comply with the Responsible Cobalt Initiative (RCI).
EVelution Energy President Navaid Alam commended the Yuma County Supervisory Board for unanimously approving the site. The site is expected to bring jobs and technology back to the United States. EVelution Energy Executive Vice President and General Counsel Gil Michel-Garcia added that the site will benefit the local economy by providing clean power to nearby farms.
Construction of the treatment facility is expected to begin in 2024, and the company expects to be fully operational by 2026. EVelution Energy said it will develop processing facilities in qualified opportunity zones that offer tax incentives to U.S. investors with temporary tax deferrals. For Eligible Capital Gains.
