Canada’s Electra Battery Materials Corp. has received a $20 million award from the US government to build a cobalt plant close to North America’s automotive heartland.
The funds will support construction of a cobalt sulfate facility in Ontario that will be North America’s only refinery for the material used in lithium-ion batteries for electric vehicles, Electra said Monday in a statement. The $250 million project is about 500 kilometers (310 miles) north of Toronto at Temiskaming Shores.
The US Defense Department said separately that the award will help develop North American production of a key material for large capacity batteries and, once completed, will benefit the region’s growing EV supply chain.
For the rest of this article: https://www.bloomberg.com/news/articles/2024-08-19/us-gives-tiny-canadian-firm-electra-20-million-to-build-cobalt-plant