A new solar-powered cobalt production facility could be built in Yuma County within the next two years.

Officials of EVelution Energy, a Yuma-based company, received a non-binding interest letter from the U.S. Export-Import Bank on up to $200 million in loans to “finance the construction and operation of solar power generation.” announced that it had been received. Cobalt production facility located in Yuma County, Arizona. ”

EVelution Energy officials say cobalt is a mineral used in the aerospace and defense industry and energy transition applications and equipment. More than 75 percent of the world’s refined cobalt is produced in China, and there are no commercial-scale cobalt processing facilities in the United States.

EVelution officials say the facility, to be built in eastern Yuma County, will generate more than $750 million in economic activity and create more than 3,000 new jobs.

Construction is expected to begin in 2025 and be fully operational by 2027, allowing domestic production of 20% to 40% of the United States’ estimated cobalt needs, officials said.