Electra Battery Materials signs term sheet with Ontario for C$17.5M

Electra Battery Materials (ELBM) signed a term sheet for C$17.5M in proposed funding from Invest Ontario, an agency of the Government of Ontario, to support construction of its cobalt sulfate refinery in Temiskaming Shores. Once operational, the facility will be the first in North America dedicated to producing battery-grade cobalt sulfate. Once completed, Electra’s refinery will produce 6,500 tonnes of battery-grade cobalt sulfate annually, enough to support production of up to 1M electric vehicles per year. With over 90% of the global cobalt sulfate supply currently originating from China, Electra will stand out as one of the few producers with no ties to Foreign Entities of Concern. The facility will play a critical role in reinforcing Canada’s battery materials supply chain and reducing reliance on foreign sources. The refinery is expected to deliver lasting economic benefits through long-term job creation and increased industrial capacity in the region, including more than 50 new jobs at the facility. The project also supports Ontario’s clean energy transition and electric vehicle manufacturing ecosystem, while reinforcing Canada’s leadership in sustainable resource development. The Ontario commitment forms part of an estimated C$100M investment to complete refinery construction, which includes inflation and other adjustments to the project’s 2023 cost estimate.