Electra Battery Materials Corp ( (TSE:ELBM) ) has issued an announcement.
On March 24, 2025, Electra Battery Materials Corporation announced significant progress in securing financing for North America’s only cobalt sulfate refinery, located in Ontario. The company has arranged US$54 million in non-dilutive funding, including US$34 million from the Canadian government, to support the refinery’s completion. This development underscores Electra’s strategic role in strengthening the North American electric vehicle supply chain, as the refinery is expected to produce 6,500 tonnes of cobalt annually, supporting up to 1 million EVs. The project highlights Canada’s potential in the global energy transition and aims to reduce dependency on foreign cobalt sources, particularly from China.
More about Electra Battery Materials Corp
Electra Battery Materials Corporation is a processor of low-carbon, ethically-sourced battery materials, focused on developing North America’s only cobalt sulfate refinery. The company aims to enhance the electric vehicle supply chain by providing a North American solution for EV battery materials refining, including potential expansions into black mass recycling and nickel sulfate production.
YTD Price Performance: -30.77%
Average Trading Volume: 23,666
Technical Sentiment Signal: Strong Buy
Current Market Cap: C$26.65M
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