Electra Battery Materials Corp ( (TSE:ELBM) ) just unveiled an update.
Electra Battery Materials Corporation has received a Letter of Intent from the Canadian Federal Government for a proposed $20 million funding to complete North America’s first battery-grade cobalt refinery. This initiative is pivotal for the domestic production of electric vehicle batteries, aiming to reduce dependency on China and strengthen the North American supply chain. The refinery, located in Temiskaming Shores, Ontario, is expected to have the lowest carbon footprint globally and will produce enough cobalt to support up to one million electric vehicles annually. The project is part of Electra’s broader strategy to expand its battery materials production and recycling capabilities, contributing to Canada’s role in the global energy transition.
More about Electra Battery Materials Corp
Electra Battery Materials Corporation operates in the critical minerals industry, focusing on the production and refining of battery materials such as cobalt. The company is dedicated to enhancing North America’s energy security and reducing reliance on foreign sources, particularly China, for cobalt refining.
YTD Price Performance: -32.69%
Average Trading Volume: 18,515
Technical Sentiment Consensus Rating: Buy
Current Market Cap: C$28.87M
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