Electra receives an additional $5M from feds
The federal government, through its Federal Economic Development Agency for Northern Ontario, has committed an additional $5 million to the expansion of Electra Battery Materials Corporation’s cobalt refinery in North Cobalt.
The announcement, which was made on February 9, brings to total federal contribution to the project to $10 million.
“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,” said Natural Resources Minister Jonathan Wilkinson. “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.”
Electra intends to use the funding to continue the recommissioning and expansion of its hydrometallurgical cobalt refinery.
The facility will be the first facility of its kind in North America. Once complete, the refinery will be capable of producing cobalt for up to 1.5 million electric vehicles annually.
“Canada has surpassed China as the top jurisdiction in the global battery supply chain, given its strength in raw materials mining and processing,” said Electra President and CEO Trent Mell. “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 additional 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.”
With one of the largest concentrations of mining and related businesses in Canada, Northern Ontario’s mining industry is a key economic driver that fuels social and economic growth.
The federal funding is being provided through FedNor’s Regional Growth Through Innovation Fund, which supports the growth of Northern Ontario businesses, their expansion into new markets, and their adoption of new technologies and processes.