Evolution Metals Secures Non-China Rare Earth Supply for EV Magnets

Evolution Metals & Technologies signed an agreement with Senri Trading to purchase neodymium-praseodymium (NdPr) metal from SRE Vietnam, a subsidiary of Tokai Trading. The NdPr metal will be used in the production of permanent magnets for electric vehicle motors, wind turbines, and other applications. This deal provides EM&T with a non-China source for a critical component, allowing the company to bypass supply chain concerns.

The agreement will support an anticipated increase in EM&T’s magnet output to roughly 10,000 metric tons per year by 2026. SRE Vietnam recently tripled its processing capacity to 3,929 metric tons annually, enabling it to meet the increased demand.

The contract is particularly timely given upcoming US defense regulations. Starting January 1, 2027, defense contractors will be prohibited from using Chinese-origin rare earth magnets in weapons systems, creating demand for alternative suppliers like EM&T. The company intends to expand its production capacity in both Korea and the United States.