Electra Battery Materials

Electra Battery Materials Corporation is a Canadian company positioned to become a key component of the North American electric vehicle (EV) supply chain by onshoring the processing of critical battery materials. The company was founded in March 2017 as First Cobalt Corp., initially focusing on cobalt exploration. It was established by Trent Mell, who currently serves as CEO and has an extensive background in law, corporate finance, and the mining industry with roles at companies like Barrick Gold and Sherritt International. Recognizing the strategic need to move beyond mining and address the processing bottleneck dominated by China, the company shifted its focus. This led to its rebranding as Electra Battery Materials to reflect a broader vision.

The company's core asset is a fully permitted, brownfield hydrometallurgical refinery in Temiskaming Shores, Ontario, which is being repurposed to be North America's only facility capable of producing battery-grade cobalt sulfate. The business model is centered on a tolling arrangement, which mitigates commodity price risk. Electra has secured feedstock supply agreements with major producers like Glencore and Eurasian Resources Group (ERG) and has a significant five-year offtake agreement with LG Energy Solution to supply up to 19,000 tonnes of cobalt sulfate, de-risking a substantial portion of its future revenue. Revenue will be generated by charging a fee to process cobalt hydroxide into high-purity cobalt sulfate for its clients, which primarily consist of battery and EV manufacturers.

Electra is developing its operations in four distinct phases. Phase one is the commissioning of the cobalt refinery, which has received significant funding support from both the U.S. and Canadian governments. Phase two involves integrating a large-scale lithium-ion battery recycling operation to recover valuable metals like lithium, nickel, cobalt, and copper from 'black mass'—the shredded material from used batteries. A successful demonstration plant was operated in 2023, and a feasibility study for a new recycling facility adjacent to the refinery was completed in June 2025. The company has also formed a joint venture named Aki Battery Recycling with the Indigenous-owned Three Fires Group to secure a steady supply of black mass. Subsequent phases envision the production of battery-grade nickel sulfate and potentially partnering to manufacture precursor cathode active materials (pCAM) on-site, creating a fully integrated battery materials park.

Keywords: cobalt refining, battery materials recycling, nickel sulfate, electric vehicle supply chain, hydrometallurgy, battery materials park, critical minerals processing, lithium-ion battery recycling, black mass processing, sustainable battery materials, North American supply chain, cobalt sulfate, Trent Mell, LG Energy Solution partner, Defense Production Act funding, battery precursor materials, Canadian clean technology, circular economy, onshoring manufacturing, ethical cobalt, strategic minerals, EV components, Aki Battery Recycling