https://www.northernontariobusiness.com/
Electra Battery Materials pockets Defense Department funding to finish refinery construction
Electra Battery Materials has snagged a US$20-million ($27.4 million) grant from the U.S. Department of Defense (DoD) to finish construction of its cobalt refinery in the Temiskaming area.
It’s a huge endorsement for a small and ambitious Toronto company that most investors and industry watchers would have to undertake a Google search on to find out its particulars. Electra is out to displace China as the world’s dominant player in critical minerals processing.
Their ace in the hole is having the most advanced cobalt refinery in North America that’s relatively close to startup and considered a vital security investment by Washington to source “key precursor material” for large-capacity batteries in supplying both the defence and commercial sectors.
The funding comes through the Defense Production Act Investments (DPAI) office and draws from a funding pot under the Ukraine Supplemental Appropriations Act of 2022 to expand domestic production of critical minerals.
For the rest of this article: https://www.northernontariobusiness.com/industry-news/design-build/pentagon-invests-us20-million-in-temiskaming-cobalt-refinery-project-9374596