Canada subsidizes Electra Battery Materials’ cobalt sulfate refinery

Canada subsidizes Electra Battery Materials' cobalt sulfate refinery
Canada subsidizes Electra Battery Materials' cobalt sulfate refinery

According to Electra, the plant would account for around five percent of the global supply of battery-grade cobalt. However, the company does not comment on the exact schedule for construction and commissioning.

Last year, Electra operated a demonstration plant at its refinery complex, which the company had announced two years earlier. According to the Canadian company, it processed more than 40 tonnes of black mass and extracted high-quality nickel, cobalt and lithium products.

Electra entered into a supply agreement with LG Energy Solution in 2022, which was expanded to a volume of 19,000 tons in 2023. According to Electra’s announcement, the cobalt sulfate is scheduled to be delivered in early 2025. One reason for the deal is and remains the location: Electra is currently the only supplier that can refine cobalt sulfate in North America.

“Canada has overtaken China as the most important country in the global battery supply chain due to its strength in raw material extraction and processing,” said Trent Mell, CEO of Electra. “Today’s announcement from the Government of Canada demonstrates its continued commitment to building a strong, domestic EV supply chain.”

“Building a low-carbon economy is an economic opportunity for Canada for generations. Canada has vast critical mineral resources that are essential to developing the clean technologies like electric vehicles that we need to reduce emissions and create good jobs,” added Jonathan Wilkinson, Minister of Energy and Natural Resources. “By supporting companies like Electra, Canada is making the smart investments necessary to secure reliable and thriving electric vehicle value chains and drive sustainable economic growth in communities across Canada.”

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