InvestmentMay 4, 2026, 01:42 PM
Electra Secures C$20M Federal Funding for Cobalt Refinery
AI Summary
Electra Battery Materials Corp secured C$20 million in federal funding from the Government of Canada's Strategic Response Fund. This investment will support the completion and commissioning of North America's only battery-grade cobalt sulfate refinery in Ontario. The project is expected to create significant employment and establish a crucial domestic source of cobalt sulfate for the North American battery materials supply chain, with first production targeted for 2027.
Key Highlights
- Secured C$20 million in federal funding from the Government of Canada.
- Funding supports completion of North America's only cobalt sulfate refinery.
- Refinery mechanical completion scheduled for Q2 2027.
- Initial annual production capacity of 5,120 tonnes of cobalt in 2027, rising to 6,500 tonnes.
- Expected to create 150-200 construction jobs and 60 permanent operational jobs.
- Majority of production to be sold to LG Energy Solution.