Electra Battery Materials receives 20 million in U.S. government funding
By Luke Willetts - 29th October 2024
Canada / USA – Toronto, Canada-based battery recycling company Electra Battery Materials Corp has received USD 20 million in U.S. government funding from the Department of Defense (DoD) to build its cobalt sulfate refinery in Temiskaming Shores, Ontario, which will be the first of its kind in North America. The funds are part of a broader effort to strengthen North America's critical mineral supply chain, specifically focusing on cobalt sulfate production. Once operational, the facility is expected to produce enough cobalt sulfate annually to support over one million electric vehicles (EVs).
This investment is crucial for enhancing North America's battery manufacturing capacity, benefiting both the defence and commercial vehicle sectors. The cobalt refined at this facility will be a key material for large-capacity batteries used in various technologies, including EVs and defence applications. It also reduces reliance on Chinese production of cobalt, which currently dominates the market.
