Electra Battery Materials secures $54 million for cobalt refinery, progresses in recycling and exploration.

From GlobeNewswire: 2025-03-31 07:00:00

Electra Battery Materials Corporation filed their financial statements for 2024, highlighting progress in securing over $50 million in funding for their cobalt sulfate refinery construction. They also made strides in battery recycling and exploration efforts in Idaho to secure critical minerals.

The company secured $54 million in funding for their cobalt sulfate refinery, with critical equipment delivered and agreements in place with LG Energy Solution and ERG for cobalt supply. They also made progress in recycling black mass material to recover lithium, nickel, and cobalt for battery production.

Electra’s exploration efforts in Idaho uncovered new mineralization zones, with a focus on the CAS Property. They secured a 10-year exploration permit and appointed Alden Greenhouse to their board.

The company is focusing on recommissioning and expanding their refinery to produce battery-grade cobalt and exploring opportunities for additional North American cobalt sulfate and nickel sulfate production. Their financial reports for 2024 are available online.

Electra Battery Materials is a processor of low-carbon, ethically sourced battery materials, aiming to onshore the electric vehicle supply chain in North America. Their strategy includes building a cobalt sulfate refinery, black mass recycling, and exploring nickel sulfate production. For more information, visit their website.

Cautionary Note Regarding Forward-Looking Statements: Electra’s progress is subject to risks and uncertainties, with forward-looking statements based on certain assumptions. Actual results may differ, and factors impacting results are outlined in their disclosures. The company seeks additional government funding and aims to achieve milestones outlined in discussions with government actors.



Read more at GlobeNewswire: Electra Provides Update on 2024 Activities and Files 2024