-- Electra Battery Materials (ELBM) said Monday it executed a binding investment agreement with the Government of Canada under the Strategic Response Fund.
The investment provides $20 million in federal funding to support the construction and commissioning of its battery-grade cobalt sulfate refinery in Temiskaming Shores, Ontario.
Mechanical completion of the facility is expected in the second quarter of 2027. Once commissioned, the refinery will have an initial annual production capacity of about 5,120 tonnes of battery-grade cobalt, increasing to 6,500 tonnes.
A majority of production will be sold to LG Energy Solution under an offtake agreement announced earlier this year. The funding includes repayable and non-repayable contributions. The repayable portion is expected to be repaid over a defined period following project completion, according to the company.
Shares of Electra Battery Materials rose more than 8% in Monday trading.
Price: $0.64, Change: $+0.05, Percent Change: +8.35%