Electra Battery Materials has secured $54m in non-dilutive funding, including $34m (C$48.47m) from Canadian Government sources and a $20m strategic investment proposal for its cobalt sulphate refinery site in Ontario, Canada.
The move follows Electra’s announcement of a conditional financial contribution from the Government of Canada to aid in completing North America’s first and only cobalt sulphate refinery.
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With the capital cost to complete the refinery estimated at around $60m in 2023, Electra is actively pursuing additional funding options.
Electra’s refinery, once operational, is set to produce 6,500 tonnes per annum (tpa) of cobalt, sufficient to support the manufacture of up to one million electric vehicles (EVs) each year.
Located in Temiskaming Shores, north of Toronto, the project is also expected to have the world’s lowest carbon footprint for a refinery of its type.
MP Serré said: “Canada, with its abundance of critical mineral resources, is uniquely positioned to play an important role in the global energy transition.
“It is important that the government be there. Electra’s project will provide Canada with a high-quality critical mineral input that will contribute to the net-zero economy and strengthen our mining industry.”
The facility is expected to be a key player in fortifying the EV supply chain in North America, providing cobalt sulphate without any Foreign Entity of Concern involvement.
Electra CEO Trent Mell said: “This site visit demonstrates government engagement in building a domestic critical minerals supply chain. We are proud to be leading the way with a facility that will produce sustainable, battery-grade material for the EV market.”
In August 2024, Electra Battery Materials secured $20m from the US Department of Defense under Title III of the Defense Production Act to advance its cobalt sulphate refinery.
