Electra Battery Materials Corporation (NASDAQ: ELBM; TSX-V:
ELBM) (“Electra”, “Company”) today announced that it has
received a $5 million investment from the Government of Canada
towards the construction of North America’s first cobalt sulfate
refinery. Located in Temiskaming Shores, Ontario, the facility will
produce approximately five percent of the global supply of battery
grade cobalt needed for electric vehicles. The investment will be
provided in the form of a grant from the Federal Economic
Development Initiative for Northern Ontario (FedNor).
“Canada has surpassed China as the top jurisdiction in the
global battery supply chain, given its strength in raw materials
mining and processing,” said Trent Mell, Electra’s CEO. “Today’s
announcement from the Government of Canada’s demonstrates its
continued commitment to building a strong, domestic EV supply
chain. We are grateful for this additional investment as it
represents added validation of our progress and will allow Electra
to continue to work toward our goal of producing secure, clean, and
ethically sourced materials that are a crucial part of a
sustainable future for electric vehicles in Canada.”
“Critical minerals are an essential element of the electric
vehicle supply chain. Today’s investment from the Government of
Canada means that Northern Ontario will seize the economic
opportunities created by Canada’s transition to a green economy.
This investment also means good-paying jobs for middle-class
families in the region. This is part of our plan to build an
economy in Northern Ontario that works for everyone, not just the
few,” said the Honourable Patty Hajdu, Minister of Indigenous
Services and Minister responsible for FedNor regarding today’s
announcement.
The Honourable Jonathan Wilkinson, Minister of Energy and
Natural Resources added, “Building up a low-carbon economy is a
generational economic opportunity for Canada. Canada has vast
critical mineral resources, materials that are integral to the
development of the clean technologies, like electric vehicles, we
need to reduce emissions and create good jobs. By supporting
companies like Electra, Canada is making the smart investments
necessary to secure reliable and prosperous electric vehicle value
chains and drive sustainable economic growth in communities right
across Canada.”
Marc G. Serré, Member of Parliament for Nickel Belt and
Parliamentary Secretary to the Minister of Energy and Natural
Resources and to the Minister of Official Languages, and Anthony
Rota, Member of Parliament for Nipissing-Timiskaming were on hand
for the announcement.
“The Government of Canada is stepping up to support innovation
and the green economy in Northern Ontario. This strategic
investment will fuel economic growth, create jobs, and stimulate
the regional economy,” said Marc G. Serré, Member of Parliament for
Nickel Belt and Parliamentary Secretary to the Minister of Energy
and Natural Resources and to the Minister of Official
Languages.
Anthony Rota, Member of Parliament for Nipissing-Timiskaming,
said “The Government of Canada, through FedNor, is working hard to
expand the electric vehicle supply chain right here in Northern
Ontario. Today’s funding ensures that Northern Ontario’s mining
sector will continue to play an important role in our transition to
a clean and sustainable economy, and will promote a strong and
thriving regional economy in Nipissing-Timiskaming.”
“This is an important announcement that shows the Government of
Canada’s commitment to Northern Ontario. By investing in Electra,
the Government of Canada is leveraging the unique expertise and
innovation available right here in Northern Ontario and taking
concrete steps to build a domestic supply chain for electric
vehicles,” said Viviane Lapointe, Member of Parliament for Sudbury.
“This is the type of investment that is needed to grow our economy
and create a greener, more sustainable future.”
Pending completion, Electra’s refinery complex aims to be the
first in North America to integrate the production of critical
minerals, including cobalt sulfate and nickel sulfate, needed for
the North American electric vehicle battery supply chain with the
processing of black mass material, designed to recover high value
elements found in recycled lithium-ion batteries, including
lithium, nickel, cobalt, manganese, graphite, and copper.
Throughout 2023, Electra operated a plant scale battery
recycling trial at its refinery complex, processing more than 40
tonnes of black mass material and producing high-quality nickel,
cobalt and lithium products.
Once fully commissioned, the refinery could produce sufficient
cobalt for up to 1.5 million electric vehicles annually. On July
24, 2023 Electra announced that its battery grade cobalt sulfate
agreement with LG Energy Solution, a leading global manufacturer of
lithium-ion batteries, had been extended and expanded from initial
terms. The agreement now provides for the supply of 19,000 tonnes
of cobalt contained in sulfate beginning in 2025. The total will
represent up to 80% of Electra’s expected annual production.
It is estimated that the refinery complex has a current
replacement cost of over $250 million. The cobalt project has been
derisked through the delivery of most long lead equipment and by
commissioning the legacy refinery operations for the black mass
demonstration plant.
About Electra Battery Materials
Electra is a processor of low-carbon, ethically-sourced battery
materials. Currently focused on developing North America’s only
cobalt sulfate refinery and a black mass refinery, Electra is
executing a multipronged strategy to onshore the electric vehicle
supply chain. Keys to its strategy are integrating black mass
recycling and nickel sulfate production at Electra’s cobalt
refinery located north of Toronto, advancing Iron Creek, its
cobalt-copper exploration-stage project in the Idaho Cobalt Belt,
and expanding cobalt sulfate processing into Bécancour, Quebec. For
more information, please visit www.ElectraBMC.com.
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in policies of the TSX Venture
Exchange) accepts responsibility for the adequacy or accuracy of
this release.
Cautionary Note Regarding Forward-Looking Statements
This news release may contain forward-looking statements and
forward-looking information (together, “forward-looking
statements”) within the meaning of applicable securities laws and
the United States Private Securities Litigation Reform Act of 1995.
All statements, other than statements of historical facts, are
forward-looking statements. Generally, forward-looking statements
can be identified by the use of terminology such as “plans”,
“expects”, “estimates”, “intends”, “anticipates”, “believes” or
variations of such words, or statements that certain actions,
events or results “may”, “could”, “would”, “might”, “occur” or “be
achieved”. Such forward-looking statements include, without
limitation, statements regarding the potential for additional
funding from the Federal government of Canada and the government of
Ontario and the quantum and terms thereof, adjustments of interest
rates on the occurrence of certain events which may impact the
attributes of the notes and warrants issued under the Note
Offering, including but not limited to a “green bond” designation,
and the effective conversion rate of the Notes and Warrants, which
is subject to adjustment in certain circumstances, the listing of
the Common Shares underlying the notes and the warrants issued
under the Note Offering on TSXV and NASDAQ, and the expected use of
proceeds of the Offering. Forward-looking statements are based on
certain assumptions, and involve risks, uncertainties and other
factors that could cause actual results, performance, and
opportunities to differ materially from those implied by such
forward-looking statements. Among the bases for assumptions with
respect to the potential for additional government funding are
discussions and indications of support from government actors based
on certain milestones being achieved. Factors that could cause
actual results to differ materially from these forward-looking
statements are set forth in the management discussion and analysis
and other disclosures of risk factors for Electra Battery Materials
Corporation, filed on SEDAR at www.sedar.com and with on EDGAR at
www.sec.gov. Other factors that could cause actual results to
differ materially include changes with respect to government or
investor expectations or actions as compared to communicated
intentions, and general macroeconomic and other trends that can
affect levels of government or private investment. Although the
Company believes that the information and assumptions used in
preparing the forward-looking statements are reasonable, undue
reliance should not be placed on these statements, which only apply
as of the date of this news release, and no assurance can be given
that such events will occur in the disclosed times frames or at
all. Except where required by applicable law, the Company disclaims
any intention or obligation to update or revise any forward-looking
statement, whether as a result of new information, future events or
otherwise.
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version on businesswire.com: https://www.businesswire.com/news/home/20240209850954/en/
Heather Smiles Vice President, Investor Relations &
Corporate Development Electra Battery Materials info@ElectraBMC.com
1.416.900.3891
Reem Sheet Press Secretary Office of the Minister of Indigenous
Services and Minister responsible for FedNor
reem.sheet@sac-isc.gc.ca
Federal Economic Development Agency for Northern Ontario Media
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