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Electra Signs Term Sheet with Ontario for C$17.5 Million as Part of C$100 Million Cobalt Refinery Investment
TORONTO, Sept. 12, 2025 (GLOBE NEWSWIRE) -- Electra Battery Materials Corporation (NASDAQ: ELBM...
About this update from Electra Battery Materials Corp
[{"type":"text","content":"Electra Signs Term Sheet with Ontario for C$17.5 Million as Part of C$100 Million Cobalt Refinery Investment\n\n\n\n TORONTO, Sept. 12, 2025 (GLOBE NEWSWIRE) --\n \n Electra Battery Materials Corporation (NASDAQ: ELBM; TSX-V: ELBM)\n \n (“Electra” or the “Company”) is pleased to announce it has signed a term sheet for C$17.5 million in proposed funding from Invest Ontario, an agency of the Government of Ontario, to support construction of its cobalt sulfate refinery in Temiskaming Shores. Once operational, the facility will be the first in North America dedicated to producing battery-grade cobalt sulfate.\n \n\n “We are focused on completing North America’s first cobalt sulfate refinery and unlocking the jobs and economic activity that come with it,” said Electra CEO Trent Mell. “We are grateful for the support from Invest Ontario, which will help accelerate construction and reinforces confidence in the strategic importance of our project. Establishing a domestic supply of battery-grade cobalt is essential to reducing reliance on foreign-controlled supply chains, safeguarding economic and energy security, and ensuring that Canada plays a leading role in the global energy transition.”\n \n\n Once completed, Electra’s refinery will produce 6,500 tonnes of battery-grade cobalt sulfate annually, enough to support production of up to 1 million electric vehicles per year. With over 90% of the global cobalt sulfate supply currently originating from China, Electra will stand out as one of the few producers with no ties to Foreign Entities of Concern. The facility will play a critical role in reinforcing Canada’s battery materials supply chain and reducing reliance on foreign sources.\n \n\n “Under the leadership of Premier Ford, our government is building a strong, self-reliant economy that integrates Northern Ontario’s vast mineral wealth with Southern Ontario’s manufacturing might,” said Vic Fedeli, Minister of Economic Development, Job Creation and Trade. “Electra’s investment in Temiskaming Shores will establish an integral link in the province’s critical mineral processing supply chains and fuel the next stages of Ontario’s leadership in electric vehicle battery manufacturing.”\n \n\n The refin...