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Funding
Electra Battery Materials Corporation raises CAD 5 million to support expansion
Waste Recovery & Management Tech
Jun 10, 2024
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Waste Recovery & Management Tech

Waste Recovery & Management Tech

Jun 10, 2024

Electra Battery Materials Corporation raises CAD 5 million to support expansion

Funding

  • Electra Battery Materials Corporation, a battery materials processing and recycling company, has received CAD 5 million (~USD 3.6 million) in grant funding from Natural Resources Canada.

  • The funds will expedite the next phase of Electra's recycling project. The company aims to prove the scalability, profitability, and implementation feasibility of its hydrometallurgical black mass process across various locations.

  • Analyst QuickTake: In August 2023, the company secured ~USD 11 million via a private placement to support the company’s operations. The latest round of funding will also support Electra’s aspirations to construct North America's only cobalt sulfate refinery.

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