Electra Battery Materials Corporation announced that it has secured $5 million in financing , a boost that will allow the company to advance initial construction and winter preparations for its cobalt refinery in Temiskaming Shores, Ontario. The company noted that this financing includes the sale of secured notes and common stock, reinforcing its strategy to be a pioneer in North America in the processing of cobalt for electric vehicle batteries.
The Ontario refinery, which Electra calls the only one of its kind in North America, is designed to produce enough cobalt sulfate for 1 million electric vehicles a year, a crucial goal to reduce reliance on China in the battery supply chain.
Electra advances cobalt refinery in Ontario
Electra CEO Trent Mell said the capital injection will enable the company to begin construction before the onset of winter and strengthen its balance sheet while completing the full financing package for the project.
The financing also allows for the issuance of warrants that allow holders to purchase common shares of the company at a set price. According to the company, this financing is key to the final phase of construction of the cobalt refinery in Ontario , a project with great potential to support the energy transition in North America.
Mell stressed that Electra’s goal is to meet a rapidly growing demand for EV battery materials, in a joint effort with North American policymakers. The completion of this financing is subject to regulatory approvals and the final signing of the required documentation.
Electra , which is also exploring projects in Bécancour, Quebec, for further processing of cobalt sulphate and recycling of materials, is positioning itself as a leader in supply chain solutions for the electric vehicle industry on the continent.
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Source: Electra Battery Materials
Photo: Shutterstock
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