EVelution Energy seeks foreign investment for Arizona cobalt refinery

U.S. Citizenship and Immigration Services (USCIS) has approved an investment offering under the federal EB-5 Immigrant Investor Program for EVelution Energy’s proposed cobalt refinery in Yuma County, Arizona. The approval enables the company to seek up to $64.8 million in foreign investment to fund a facility designed to decrease American dependence on Chinese cobalt processing.

China accounted for approximately 78% of global refined cobalt production in 2024, according to International Energy Agency figures. This concentration affects industries reliant on the mineral, including military aircraft, aerospace, advanced electronics, and electric vehicle batteries. The United States currently lacks commercial-scale cobalt refining infrastructure.

The proposed $450 million Arizona facility could eventually meet approximately 40% of projected American cobalt demand. Under the EB-5 program, foreign nationals can pursue permanent residency for themselves and their families by investing in qualifying American businesses, though Chinese nationals are barred from participating in this specific offering.