Electra Battery Materials Corporation announced on September 12, 2025, that it has signed a term sheet for C$17.5 million in proposed funding from Invest Ontario, an agency of the Government of Ontario. This funding is designated to support the construction of its cobalt sulfate refinery in Temiskaming Shores.
This commitment forms part of an estimated C$100 million investment required to complete refinery construction, which includes inflation and other adjustments to the project’s 2023 cost estimate. This new funding replaces a previously announced US$20 million strategic corporate investment from September 10, 2024.
With this contribution, Electra's potential government funding now totals approximately US$48 million (C$64 million), reinforcing the strategic importance of the project. The refinery, once operational, is expected to produce 6,500 tonnes of battery-grade cobalt sulfate annually, supporting up to 1 million electric vehicles per year.
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