Electra Secures $80M Funding for North America’s First Cobalt Sulfate Refinery

Electra Battery Materials Corporation has secured over $80 million through financing and debt restructuring to fully fund the construction and commissioning of North America's first large-scale cobalt sulfate refinery in Temiskaming Shores, Ontario. This refinery is expected to produce up to 6,500 tonnes of cobalt sulfate annually, supporting battery production for approximately one million electric vehicles, which is a significant step for the region's battery and defense supply chains. The funding includes $34.5 million raised through share-unit offerings and $40 million in debt converted to equity, reducing Electra's debt from $67 million to $27 million and strengthening its financial position. This project is strategically important as it aims to reduce North America's dependence on foreign cobalt processing, aligning with U.S. and Canadian government priorities for national security and industrial resilience. Electra is now moving from fundraising to execution, with the refinery fully permitted and construction-ready, potentially paving the way for more domestic battery material projects. Despite current financial challenges, Electra's progress in securing funding and government support highlights its growing role in reshaping the critical minerals supply chain in North America.