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Electra Battery Materials Awarded $5 Million from Government of Canada to Advance Development of Proprietary Battery Metals Recycling Technology
(All amounts in CAD dollars unless otherwise stated) TORONTO / Jun 10, 2024 / Business Wire / Electra Battery Materials Corporation (NASDAQ: ELBM; TSX-V: ELBM)
About this update from Electra Battery Materials Corp
[{"type":"text","content":"(All amounts in CAD dollars unless otherwise stated) TORONTO / Jun 10, 2024 / Business Wire / Electra Battery Materials Corporation (NASDAQ: ELBM; TSX-V: ELBM) (“Electra” or the “Company”) today announced that it has received $5 million in contribution funding from Natural Resources Canada to support the development of its proprietary battery materials recycling technology. In 2023, the Company successfully operated a battery materials recycling demonstration plant in a batch process at its refinery complex, processing more than 40 tonnes of end-of-life battery scrap, known as “black mass,” and producing high-quality nickel, cobalt and lithium products. Building on this success, Electra is accelerating the next phase of its recycling project to demonstrate on a continuous basis that the Company’s hydrometallurgical black mass process is scalable, profitable, and can be implemented at other locations. The Government of Canada, through National Resources Canada’s Critical Minerals Research, Development and Demonstration program, has committed funding of $5 million for this project, which will be based at the Company’s fully permitted property about five hours north of Toronto, Ontario, in Temiskaming Shores. Recycling and recovery of these critical metals would reduce greenhouse gas emissions in the EV supply chain and decrease reliance on foreign countries for critical minerals. “Today’s funding announcement is a clear signal from the Government of Canada of its ongoing commitment to creating a strong, sustainable EV supply chain,” said Trent Mell, Electra’s CEO. “While recycling critical minerals is part of our business strategy, we also remain focused on the construction of our cobalt sulfate refinery and look forward to updating the market with funding developments to restart construction. Our recycling project is part of the growth plan for the Refinery complex and we are thankful for this investment as it allows us to speed up the development of our proprietary battery metals recycling technology. Electra’s black mass recycling expertise can contribute to the production of clean, secure and ethically sourced materials for the EV supply chain in North America. “Recycling of battery materials will become more critical as the EV industry expands within North America,” Mell continued. “We are strengthening our development timeli...