Electra Receives $5 Million Grant from Government of Canada to Support the Development of the North American Electric Vehicle Supply Chain - Seite 2

Marc G. Serré, Member of Parliament for Nickel Belt and Parliamentary Secretary to the Minister of Energy and Natural Resources and to the Minister of Official Languages, and Anthony Rota, Member of Parliament for Nipissing-Timiskaming were on hand for the announcement.

“The Government of Canada is stepping up to support innovation and the green economy in Northern Ontario. This strategic investment will fuel economic growth, create jobs, and stimulate the regional economy,” said Marc G. Serré, Member of Parliament for Nickel Belt and Parliamentary Secretary to the Minister of Energy and Natural Resources and to the Minister of Official Languages.

Anthony Rota, Member of Parliament for Nipissing-Timiskaming, said “The Government of Canada, through FedNor, is working hard to expand the electric vehicle supply chain right here in Northern Ontario. Today’s funding ensures that Northern Ontario’s mining sector will continue to play an important role in our transition to a clean and sustainable economy, and will promote a strong and thriving regional economy in Nipissing-Timiskaming.”

“This is an important announcement that shows the Government of Canada’s commitment to Northern Ontario. By investing in Electra, the Government of Canada is leveraging the unique expertise and innovation available right here in Northern Ontario and taking concrete steps to build a domestic supply chain for electric vehicles,” said Viviane Lapointe, Member of Parliament for Sudbury. “This is the type of investment that is needed to grow our economy and create a greener, more sustainable future.”

Pending completion, Electra’s refinery complex aims to be the first in North America to integrate the production of critical minerals, including cobalt sulfate and nickel sulfate, needed for the North American electric vehicle battery supply chain with the processing of black mass material, designed to recover high value elements found in recycled lithium-ion batteries, including lithium, nickel, cobalt, manganese, graphite, and copper.

Throughout 2023, Electra operated a plant scale battery recycling trial at its refinery complex, processing more than 40 tonnes of black mass material and producing high-quality nickel, cobalt and lithium products.

Once fully commissioned, the refinery could produce sufficient cobalt for up to 1.5 million electric vehicles annually. On July 24, 2023 Electra announced that its battery grade cobalt sulfate agreement with LG Energy Solution, a leading global manufacturer of lithium-ion batteries, had been extended and expanded from initial terms. The agreement now provides for the supply of 19,000 tonnes of cobalt contained in sulfate beginning in 2025. The total will represent up to 80% of Electra’s expected annual production.