EM&T's Pohang magnet factory currently draws 130 megawatts of power from the South Korean grid. Under principal terms it says it has agreed with Korea Electric Power Corporation, that rises to 750 megawatts — nearly six times as much. The extra power is meant to do one thing: multiply output.
The company is targeting 10,000 metric tons of rare earth magnets a year, up from around 1,000 metric tons currently, and says it wants to reach that level by the end of 2026. The plan treats November 2026 as the critical moment: that is when ULVAC magnet manufacturing equipment is scheduled for delivery and installation, and when the expanded power supply is expected to be ready, according to the company's August 27 release.
Housing all that equipment means a much larger building. EM&T says it plans to expand its manufacturing footprint from 24,000 to 482,000 square feet. The new space would sit on roughly 1.3 million square feet of land the company says it intends to buy directly from Pohang City Government.
Two pieces of outside funding are attached to the expansion. KEPCO is expected to cover roughly 90% of the substation, cabling, and civil works costs under the power agreement, according to the release. Separately, EM&T says it has received conditional approval for a $20.7 million grant from Pohang City and Gyeongbuk Province — earmarked for construction and equipment — but execution is tied to completing the land acquisition. The release does not say what the land will cost.
Shares closed 18.20% higher at $3.8650 on September 1, on dollar volume of about $4.8 million. The announcement was made August 27, five days before that close.
As of the announcement date, the power supply agreement, the land deal, and the government grant were all still pending final execution. The company's release describes power, land, and equipment together as the essential infrastructure for the tenfold production increase — and November 2026 as when all three need to be in place.