Electra Battery Materials will use the funds to build its cobalt sufate 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.

Electra Battery Materials will use the funds to demonstrate the scalability of its hydrometallurgical black mass process, which produces recycled nickel, cobalt and lithium which can then be reused in the production of new products. This will help make the Canadian EV supply chain more sustainable, relying on fewer precious metals used in EV batteries.