Electra Battery Materials secures $5 million funding for Ontario refinery

Electra Battery Materials Corporation has received $5 million USD in funding to start various company projects, including preparations for winter at the Ontario Refinery project site in Temiskaming Shores, Ontario. The financing consists of the offer and sale of secured convertible notes totalling $4 million USD and $1 million USD in common shares at $0.543 USD per share.

"Given our objective of resuming construction shortly upon completing the project financing package, part of our preparations for the final phase of construction of North America's only cobalt sulphate refinery is initiating some early works before winter sets in," says Trent Mell, CEO of Electra. "This liquidity strengthens our balance sheet as we work to complete this package, and we are grateful for our lenders' ongoing support of our business plan."

Electra is executing a phased strategy to onshore the electric vehicle supply chain and provide a North American solution for EV battery materials refining. In addition to building North America's only cobalt sulphate refinery, the company's strategy includes integrating black mass recycling, potential cobalt sulphate processing in Bécancour, Quebec, and exploring nickel sulphate production possibilities within North America.

"Reducing heavy reliance on China in the EV materials supply chain continues to be a focus for North American policymakers," Mell continued. "Electra's Refinery is expected to be the first of its kind in North America, with the potential, when operating at full capacity, to produce enough cobalt sulphate for one million electric vehicles each year."