US Gives Tiny Canadian Firm Electra $20 Million to Build Cobalt Plant
- It’s building North America’s first cobalt sulfate refinery
- Electra CEO says he’s in funding talks with Canada government
An Electra Battery Materials refinery in Ontario.
Source: Electra Battery MaterialsThis article is for subscribers only.
Canada’s Electra Battery Materials Corp. has received a $20 million award from the US government to build a cobalt plant close to North America’s automotive heartland.
The funds will support construction of a cobalt sulfate facility in Ontario that will be North America’s only refinery for the material used in lithium-ion batteries for electric vehicles, Electra said Monday in a statement. The $250 million project is about 500 kilometers (310 miles) north of Toronto at Temiskaming Shores.