America’s Bid To Loosen China’s Cobalt Grip Comes With A Green Card Attached

An Arizona refinery challenging China’s cobalt dominance offers foreign investors a path to U.S. green cards while still barring Chinese nationals from participating.

U.S. Citizenship and Immigration Services (USCIS) approved an investment offering under the federal EB-5 Immigrant Investor Program for EVelution Energy’s proposed cobalt refinery in Yuma County, according to an Oct. 6 announcement. The approval allows the company to pursue up to $64.8 million in foreign investment to help finance a facility intended to reduce America’s reliance on Chinese cobalt processing.

“We have already raised US$1.6 million from two investors under the program, with the EB-5 investment structured as five-year subordinated debt, offering a 9% annual return to investors,” an EVelution Energy spokesperson told the Daily Caller News Foundation.

China accounted for approximately 78% of global refined cobalt production in 2024, according to International Energy Agency (IEA) figures cited by Reuters. The concentration leaves American manufacturers dependent on overseas processing for a mineral used in military aircraft, aerospace components, advanced electronics and electric vehicle batteries.
The company told the DCNF that investors could come from various countries, although their geographic composition has not yet been finalized. USCIS did not immediately respond to a request for comment.

The United States currently lacks commercial-scale cobalt refining infrastructure, according to EVelution Energy. Its proposed $450 million Arizona facility could eventually supply approximately 40% of projected American cobalt demand, potentially establishing a domestic alternative to Chinese processors.

Under the federal EB-5 Immigrant Investor Program, foreign nationals can pursue permanent residency for themselves, their spouses and eligible children by investing in qualifying American businesses. Investors in the Arizona project must contribute at least $800,000, although participation does not guarantee a green card.

The program has attracted substantial interest from Chinese nationals, creating a notable distinction between EVelution Energy’s immigration financing strategy and its stated national security objectives.

Chinese and Indian investors accounted for approximately 73% of EB-5 investor petitions filed during fiscal year 2025, according to Invest in the USA (IIUSA), an EB-5 industry association analyzing USCIS data.

Indian investors filed 1,977 petitions during the first three quarters of fiscal year 2026, narrowly surpassing the 1,970 submitted by Chinese investors, according to IIUSA.