Electra awarded $20m by US Defense Department
The US Department of Defense has awarded Nasdaq- and TSX-V-listed Electra Battery Materials $20-million to support the construction of a cobalt sulphate refinery, capable of producing battery-grade materials for lithium-ion batteries.
The award was made pursuant to Title III of the Defense Production Act (DPA) to expand domestic production capability and is funded through the Additional Ukraine Supplemental Appropriations Act.
“Electra is committed to strengthening the resiliency of the North American battery supply chain,” said Electra CEO, Trent Mell. “We are grateful to the US Department of Defense for its support. On issues of national security, there are no borders between Canada and the United States. We are proud to partner with the US government to build a strong North American supply chain for critical minerals.
Once fully commissioned, the facility can produce 6 500 t of cobalt a year, which would support the production of over one-million electric vehicles annually. LG Energy Solution will purchase up to 80% of capacity over the first five years and several buyers are now competing for the remaining production. The cobalt feed material will be ethically sourced from Glencore and Eurasian Resources Group mines in the DRC – material that would otherwise be shipped to China.”
In addition to cobalt refining, Electra plans to produce other battery materials that will strengthen the resiliency of the North American supply chain. In 2023, the company operated a plant-scale black mass demonstration plant at its refinery complex, recovering lithium, nickel, cobalt and other critical minerals from batteries. The company is also contemplating a second cobalt sulphate facility in Bécancour, Quebec and a strategically located North American nickel sulphate plant.
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