Core Points - Electra Battery Materials Corporation has received a Letter of Intent for $20 million funding to support the construction of North America's first battery-grade cobalt refinery, which aims to enable domestic production of up to one million electric vehicles annually [2][3][6] - The project is positioned to reduce reliance on China, which currently refines approximately 90% of the world's cobalt, thereby fostering a more resilient and self-reliant North American supply chain [3][6] - The refinery, located in Temiskaming Shores, Ontario, is projected to have the lowest carbon footprint of any refinery of its kind globally, producing 6,500 tonnes of cobalt per year [6][7] Company Strategy - Electra plans to produce additional battery materials to enhance the resiliency of the North American supply chain, including a battery recycling refinery adjacent to its cobalt refinery [7] - The company is also exploring the potential for a second cobalt sulfate facility in Bécancour, Quebec, and a nickel sulfate plant in North America [7][8] - Electra's strategy focuses on onshoring the electric vehicle supply chain and providing a North American solution for EV battery materials refining [8] Government Support - The Government of Canada is committed to advancing North American energy security and critical mineral independence, with the Minister of Innovation highlighting the importance of critical minerals for a low-carbon economy [3][4] - The Federal Government's non-binding Letter of Intent indicates an interest in supporting Electra's project, although final agreements and funding are not guaranteed [5]
Electra Announces Federal Government Support for Completion of North America's Only Cobalt Sulfate Refinery