Evolution Metals & Technologies (EM&T) is a critical materials company that recycles end-of-life products — spent magnets, lithium-ion batteries, and electronic waste — into high-value materials for advanced manufacturing, defense, and electrification. EM&T calls this "urban mining." The company's core operating assets are four South Korean subsidiaries that have run commercial-scale rare earth magnet manufacturing since 2007, supplying OEMs including Ford, Hyundai, LG, and Samsung. EM&T operates across three verticals: rare earth magnets (processing recycled feedstock into NdFeB permanent magnets used in EV motors, wind turbines, robotics, and defense); lithium-ion battery materials (refining spent batteries into battery-grade intermediates for gigafactories); and e-waste processing (recovering precious and base metals from electronic scrap). EM&T went public via a SPAC merger in January 2026 and listed on Nasdaq. The company's central ambition is to build a large-scale integrated industrial campus in the U.S., targeting roughly 55,000 tonnes per year of rare earth magnet capacity and 78,000 tonnes per year of battery materials. EM&T argues its replication of proven Korean plant designs reduces execution risk versus greenfield builds. Profitability is driven by feedstock cost, recovery rates, product mix, and capacity utilization. EM&T also uses proprietary automation and AI-enabled processing systems to reduce labor costs.