Electra Battery Materials

What Electra Battery Materials does

Electra Battery Materials Corporation is a Canadian, pre-revenue critical minerals company building North America's first permitted battery-grade cobalt sulfate refinery in Temiskaming Shores, Ontario. Founded in 2011 as First Cobalt Corp. and renamed in 2021 to reflect a strategic pivot toward battery precursor and nickel sulfate materials, the company is dual-listed on NASDAQ and TSX Venture Exchange under the ticker ELBM. Its core asset is a hydrometallurgical platform that combines a leach plant, solvent extraction (SX) circuit, neutralization clarifier, and crystallizer to produce battery-grade cobalt sulfate from primary feedstocks (mixed hydroxide precipitate, cobalt hydroxides) and from recycled black mass. Adjacent project pipeline includes a modular black mass recycling facility (operated at demonstration scale in 2023), a Bécancour Quebec refinery site co-located with Vale's nickel sulfate plant, an Iron Creek Idaho primary cobalt-copper deposit, and an engineering study for a U.S. battery-grade nickel refinery targeting approximately 15,000 tpy of nickel sulfate/metal plus 1,000 tpy of cobalt metal.

The company's go-to-market is industrial B2B: long-term offtake and tolling agreements with battery and pCAM manufacturers, feedstock supply arrangements with mining majors, and joint ventures for upstream black mass supply. The flagship commercial relationship is an extended strategic supply and tolling agreement with LG Energy Solution covering approximately 60% of planned Ontario cobalt sulfate production for up to six years, supported by a Supply Chain Cooperation Agreement with Canadian pCAM producer Positive Materials Inc. (November 2025) and feedstock supply arrangements with Glencore and Eurasian Resources Group. Construction of the Ontario refinery is in active execution under a US$73 million Board-approved budget, with mechanical completion targeted for Q2 2027 and commercial production for Q4 2027; the project is funded by approximately US$82 million in aggregate capital including a US$20 million U.S. Department of Defense grant under the Defense Production Act, a C$20 million Canadian federal Strategic Response Fund investment, C$17.5 million in Ontario provincial support, a US$34.5 million October 2025 financing, and a US$40 million debt restructuring.

Electra's economic model is bilateral and commodity-linked, with pricing for cobalt sulfate offtake and recycled battery materials negotiated per contract and not publicly disclosed. The company claims a low-carbon processing platform (51% lower CO2 emissions versus industry baseline, 100% hydroelectric option at Bécancour) supporting its positioning as an ethical, traceable, North American alternative to Chinese-dominated cobalt refining, which controls approximately 70-80% of global cobalt sulfate capacity. The company is currently pre-revenue, reporting significant operating losses and holding C$40.2 million in cash and cash equivalents as at March 31, 2026.

Name

Electra Battery Materials

Legal name

Electra Battery Materials Corporation

Website

https://electrabmc.com

Company type

Public

Founded year

2011

Operating status

Operating

Headcount range

11–50 employees

Short description

Electra Battery Materials is a pre-revenue Canadian critical minerals company constructing North America's first battery-grade cobalt sulfate refinery in Ontario, with planned expansion into U.S. nickel refining and battery materials recycling to serve EV, pCAM, and defense customers.

Ownership category

akta.pro rank

Product category

Battery Materials Refining

NAICS

Battery Manufacturing (33591)

SIC

Primary Smelting & Refining Of Nonferrous Metals (3330)

akta.pro primary industry

Precious & Specialty Metal Recovery (Smelting, Refining, Hydrometallurgy) (EUAIAIAD)

akta.pro secondary industries

Lithium-ion Battery Recycling (Mechanical, Hydro, Direct Recycling) (EUAIAIAF), Battery Scrap & Recycling Feedstock (Lead-Acid, Li-ion Black Mass Feedstock, NiMH) (IMAKAMAH), Battery Dismantling, Discharge & Pre-processing (Safe Handling, Shredding, Black Mass Production) (EUAFACAB)

Keywords

• Battery-grade cobalt sulfate
• Hydrometallurgical refining
• Battery materials recycling
• Critical minerals processing
• Cobalt nickel sulfate production

Headquarters

HQ city

Toronto

HQ country

Canada

HQ region

North America

Offices5 records

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Operations, Infrastructure, Technology or R&D, Supply Chain, Personnel, Marketing or Sales

Revenue model

1. Battery-grade cobalt sulfate sales: Primary future revenue stream from sale of cobalt sulfate produced at the Temiskaming Shores refinery; offtake with LG Energy Solution for ~60% of planned production over 5-6 years. Initial capacity 5,120 tpa scaling to 6,500 tpa. Currently pre-revenue during construction phase.
2. Tolling/processing fees: Long-term tolling arrangement with LG Energy Solution under which Electra processes feedstock and supplies cobalt sulfate — pricing structured as tolling fees for processing services rather than pure product sale.
3. Black mass recycling revenue: Future revenue from sales of recovered lithium, nickel, cobalt, manganese, graphite, and copper products produced from black mass processing; demonstration plant currently operating and modular recycling facility planned adjacent to refinery.
4. Recycled battery material offtake (future): Aki Battery Recycling JV with Three Fires Group will generate revenue from shredding/pre-processing lithium-ion battery scrap into black mass, sold as feedstock to Electra's refinery.

Pricing tiers

Go-to-market motion1 record

Distribution channels5 records

Marketing channels8 records

Core offering

Electra Battery Materials refines, processes, and recycles battery-grade critical minerals (cobalt sulfate, nickel sulfate, and recovered lithium/nickel/cobalt/manganese/graphite from black mass) primarily for North American lithium-ion battery cell and pCAM manufacturers. The company is building North America's first permitted primary cobalt sulfate refinery in Temiskaming Shores, Ontario (5,120 tpa initial, scaling to 6,500 tpa), operates a hydrometallurgical black mass recycling demonstration plant, and holds the Iron Creek cobalt-copper exploration project in Idaho.

Differentiator

Problem solved

Functional benefit

Brands

• Bécancour: Future cobalt sulfate refinery site at the Bécancour Industrial Park in Quebec, co-located next to Vale's nickel sulfate plant, with phased capacity targeting up to 5–10ktpa.
• Aki Battery Recycling
• Ontario Refinery
• Iron Creek
• Battery Materials Park
• North American Nickel

Products and services

• Ontario Cobalt Sulfate Refinery Hydrometallurgical refinery producing battery-grade cobalt sulfate for sale to North American lithium-ion battery cell and pCAM manufacturers.
• Battery Materials Recycling (Black Mass) Hydrometallurgical recycling operation recovering lithium, nickel, cobalt, manganese, graphite, and copper from battery scrap and black mass for sale as recycled battery raw materials.
• Bécancour Cobalt Refinery Project Planned co-located cobalt sulfate refinery site in Quebec designed to serve nearby pCAM facilities (GM, POSCO, Ford) with low-carbon cobalt sulfate production.
• North American Nickel (Nickel Sulfate Refining) Planned battery-grade nickel sulfate refinery addressing the absence of nickel sulfate refineries in North America, with co-production of cobalt metal from globally sourced MHP/MSP feedstocks.
• Iron Creek Cobalt-Copper Project One of the few primary cobalt deposits in the United States, intended to provide a domestic feedstock source for the Ontario refinery and reduce dependence on DRC supply.
• Aki Battery Recycling (Joint Venture) Indigenous-led joint venture that shreds and pre-processes lithium-ion battery scrap into black mass for downstream sale and feedstock integration with Electra's refinery.

Quantifiable outcome

• Enough cobalt sulfate for ~1,000,000 EVs per year at full capacity
• +5 more outcomes

Named customers3 records

Segments6 records

Ideal customer profiles5 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature5 records

Partnerships

17 partnerships are on record, tiered core, minor and flagship.

• Kilmarnock EnterprisescoreImplementation/ SI/ Consulting Partner · 4 June 2026C$12.4 million structural, mechanical and piping (SMP) construction package awarded June 2026 for the Ontario cobalt sulfate refinery; covers concrete/civil work, structural steel, process equipment installation, piping, and commissioning support.
• WB Melback CorporationcoreImplementation/ SI/ Consulting Partner · 13 May 2026C$25 million construction contract awarded May 2026 (Limited Notice to Proceed) to complete the solvent extraction building at the cobalt sulfate refinery complex north of Toronto; covers concrete, structural steel, piping, and electrical/instrumentation work for the SX circuit.
• Pro Pipe Construction Ltd.minorImplementation/ SI/ Consulting Partner · 9 April 2026Recipient of C$7.8M construction contract (April 2026) for refinery infrastructure including crystallizer circuit, silo building, structural, mechanical, and piping work for the Ontario cobalt sulfate refinery.
• LG Energy SolutionflagshipStrategic or Co-development Partner · 1 March 2026Long-term strategic supply agreement for battery-grade cobalt sulfate from Ontario refinery. Updated 2026 to firm commitment for ~60% of planned production for up to six years. Originally a three-year 7,000-tonne deal (2023-2025), enhanced in 2023 to 5 years / 19,000 tonnes, and further extended in 2026. Includes cooperation to explore EV supply-chain opportunities across North America.
• EXP Services Inc.coreImplementation/ SI/ Consulting Partner · 17 February 2026US$6.1M (C$8.3M) contract awarded February 2026 to provide engineering, project management, and construction management services during final construction phase of the Ontario cobalt sulfate refinery.
• Positive Materials Inc.coreStrategic or Co-development Partner · 25 November 2025Supply Chain Cooperation Agreement signed November 2025 to integrate Electra's battery-grade cobalt sulfate into Positive Materials' pCAM manufacturing operations; supports North American lithium-ion battery and energy storage industries; Potential commercial and technical partnership under evaluation.
• MIRARCOminorStrategic or Co-development Partner · 10 June 2024Joint recipient (with Electra) of C$10 million Government of Canada investment to advance battery metals recovery, recycling technologies, and Canada's critical minerals supply chain.
• GlencoreflagshipStrategic or Co-development PartnerCobalt feedstock supply arrangement to support Ontario refinery operations; collaborated on 2022 nickel sulfate refining scoping study with Talon Metals and Electra; commercial agreements for cobalt supply. Glencore also loaned Electra, later repaid in shares.
• Eurasian Resources Group (ERG)coreStrategic or Co-development PartnerCobalt supply agreement signed in 2024 to provide cobalt feedstock for the Ontario refinery; supports Electra's cobalt sulfate production strategy and non-Chinese downstream supply chain.
• Three Fires Group (Aki Battery Recycling JV)coreStrategic or Co-development PartnerJoint venture (Aki Battery Recycling) with Indigenous-led Three Fires Group to shred and pre-process lithium-ion battery scrap and production waste into black mass; black mass feeds into Electra's refinery. Partnership advances Canada's first Indigenous-led battery recycling venture.
• MarubeniminorStrategic or Co-development PartnerBattery recycling and cobalt supply agreement signed (2021) supporting Electra's cobalt sulfate and recycling business.
• Rock Tech LithiumminorStrategic or Co-development PartnerLithium recycling MOU signed for North American market to support battery recycling cooperation.
• Nord Precious MetalsminorStrategic or Co-development PartnerNon-binding MOU processing agreement (2024) advancing critical minerals recovery initiative between Nord Precious Metals and Electra.
• Fuse CobaltminorStrategic or Co-development PartnerMOU signed as first step to supply cobalt raw material for Electra's cobalt refinery in Ontario.
• Talon MetalsminorStrategic or Co-development PartnerPartnered with Electra and Glencore on a Government of Canada and Ontario-funded battery materials park study (2022); collaborated on nickel sulfate refining scoping study.
• Timiskaming First NationcoreOthersPartnership on plant study and benefits agreement (signed 2022); engagement on refinery closure plan and Mine Closure Plan filing for the Ontario refinery.
• Métis Nation of OntariocoreOthersBenefits Agreement signed (2022) reflecting commitment to Indigenous community engagement, employment, and business opportunities around the Ontario refinery.

Scale indicators14 records

Recent moves8 records

Expansion highlights7 records

Broad incumbents

• Umicore: Global materials technology and recycling group with a major battery materials (cobalt/nickel) refining and pCAM business serving European and Asian OEMs. Comparable to Electra as a battery-grade cobalt/nickel refiner and recycler, but much larger, more diversified, and non-North-American focused.
• Glencore: World's largest cobalt miner/refiner and a key feedstock supplier to Electra (cobalt supply agreement and nickel study partner). Comparable as a cobalt/nickel commodity player but operates across trading, mining, and refining globally at vastly greater scale.
• Sumitomo Metal Mining: Japanese miner/refiner producing battery-grade nickel and cobalt sulfate for Asian pCAM and battery makers. Comparable to Electra as a vertically integrated cobalt/nickel refiner, though Asian-focused and far larger.
• Huayou Cobalt: Chinese cobalt refiner and pCAM precursor producer with significant African (DRC) cobalt feedstock exposure. Comparable as a global cobalt refining leader but operating in the dominant Chinese supply chain that Electra is positioning to displace in North America.

Direct peers

• Jervois Mining: Australia-listed cobalt and nickel miner/refiner with the Idaho Cobalt Operations in the US. Most directly comparable peer as a publicly listed primary cobalt refiner in North America, though at a different stage of production.
• Sherritt International: Canadian miner/refiner with nickel and cobalt production from Cuban joint ventures. Comparable as a publicly listed North American nickel/cobalt refiner with similar small-mid cap profile and similar exposure to EV battery material demand.
• Talon Metals: Nickel and copper developer (Tamarack project in Minnesota) that partnered with Electra and Glencore on the 2022 nickel sulfate refining scoping study. Comparable as a North American nickel/cobalt upstream project with battery-materials supply-chain ambitions.
• Li-Cycle: Canadian battery recycling company with commercial-scale black mass processing. Comparable to Electra's battery recycling business (Aki JV + demo plant), though focused on recycling rather than primary refining and currently in operational/distress.

Emerging players

• Rock Tech Lithium: German-Canadian lithium refinery developer (Guben, Germany converter) that signed a lithium recycling MOU with Electra. Comparable as a publicly listed early-stage North American/European battery-materials refiner building converter capacity.

Others

• Eurasian Resources Group: DRC-based miner with cobalt supply agreement to Electra (signed 2024). Comparable as a cobalt feedstock counterpart rather than a direct competitor, providing primary cobalt hydroxide and supporting Electra's non-Chinese downstream strategy.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks7 records

Key highlights7 records

Customer concentration

• YouTubeyoutube.com/watch?v=c4JShGFPzLM
• Xx.com/ElectraBMC
• Facebookfacebook.com/ElectraBMCorp
• LinkedInlinkedin.com/company/electrabmc

Compliance2 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles12 records

Subsidiaries1 record

Funding overview

Funding rounds15 records

Investors5 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Electra Battery Materials