ERG Inks Cobalt Supply Agreement with Leading US Battery Materials Producer
Luxembourg-based Eurasian Resources Group (ERG) announced a five-year cobalt supply agreement with EVelution Energy, an electric vehicle (EV) battery materials producer in the United States, starting in 2026.
This deal is part of the growing investment in the US electric vehicle battery supply chain, driven by President Joe Biden’s Inflation Reduction Act, which offers substantial green energy tax credits.
ERG will provide EVelution with 3,000 metric tons of cobalt metal annually, supporting EVelution’s plans to establish a low-carbon cobalt sulphate plant in Arizona by 2026, powered by solar energy.
This move aims to address the lack of commercial-scale cobalt processing facilities in the US, where most electric vehicle batteries and materials are currently imported from China.
ERG will supply cobalt hydroxide from its operation in the Democratic Republic of Congo, which can be converted into sulphate for battery cathodes.
