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Electra Announces Offtake Agreement for Recycled Battery Material
Electra Announces Offtake Agreement for Recycled Battery Material Canada NewsWi...
About this update from Electra Battery Materials Corp
[{"type":"text","content":"\n \n \n \n Electra Announces Offtake Agreement for Recycled Battery Material\n \n \n /* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n \n \n \n \n \n \n Canada NewsWire\n \n \n \n \n \n TORONTO\n \n ,\n \n April 6, 2022\n \n /CNW/ -\n \n Electra Battery Materials Corporation\n \n (TSXV: ELBM) (OTCQX: ELBMF) (\"Electra\") today announced an offtake agreement for nickel and cobalt produced from a battery recycling plant that it expects to commission in 2023 at its Battery Materials Park north of\n \n Toronto\n \n . Under the agreement, Glencore AG will purchase the nickel and cobalt products until the end of 2024 on market-based terms.\n \n \n \n HIGHLIGHTS\n \n \n \n \n Offtake contract covers 2023-2024 production of nickel and cobalt from refining of black mass feed generated from lithium-ion batteries. Offtake contracts for lithium, copper and graphite are under discussion with other parties.\n \n \n \n \n Electra plans to operate a battery recycling demonstration plant in 2022 using existing equipment at a cost of\n \n C$3 million\n \n and commission the commercial plant in 2023.\n \n \n \n \n Electra's hydrometallurgical refinery is expected to provide higher yields at a lower cost and at significantly lower energy intensity, compared to traditional facilities.\n \n \n \n \n Electra's refinery is 100% powered by clean, hydroelectric power, resulting in nearly zero greenhouse gas (GHG) emissions.\n \n \n \n \"The demand for recycled battery materials is very strong but there is limited refining capacity in\n \n North America\n \n today to treat black mass with a hydrometallurgical process – the preferred route due to high metal recoveries and near zero GHG emissions,\" said\n \n Trent Mell\n \n , CEO. \"Electra expects to be one of the first such refiners, leveraging its permitted site north of\n \n Toronto\n \n and approximately\n \n C$100 million\n \n of existing infrastructure and equipment.\n \n \n \"This is another step in de-risking Electra's Battery Materials Park project. By securing an offtake for our recycled nickel and cobalt production at market rates, we can ...