trent mell 12.25

Mell

Officials with First Cobalt say they are changing the company’s name to Electra Battery Materials Corp. “to better reflect the company’s vision.”

At the same time the name change was announced, Electra officials said they are expanding plans to provide battery-grade nickel and cobalt, recycled battery materials and precursor material to the North American supply chain.

“The new business model would result in the creation of the only battery materials park on the continent, providing North American automakers with direct access to a secure domestic source of low-carbon raw materials,” Electra commercial Vice President Michael Insulan said. The name change, he said, “better reflects the strategic positioning and more clearly communicates the company’s long-term value proposition for customers, investors and other stakeholders.”

Electra continues to expand its hydrometallurgical refinery located north of Toronto, Ontario, Canada, with production expected to begin in about a year. It’s the only permitted hydrometallurgical refinery in North America. The company plans an industrial park in Canada. Both of those projects should help shorten the supply chain for electric vehicles and reduce costs, Electra President and CEO Trent Mell said in a news release.

“Electra will act as a bridge between North American electric vehicles and a North American source of primary and recycled material, providing a low-carbon solution for zero-emission vehicles,” Mell said.

Electra continues on its four-phase project, Mell said. Phase 1 is the refinery expansion. Phase 2 is recovery of lithium, nickel, cobalt, copper and graphite from lithium battery materials. Phase 3 calls for constructing a nickel sulfate plant. The fourth phase is construction of a battery precursor materials plant, expected to occur in 2025.

“Co-location of lithium-ion battery precursor manufacturing with nickel and cobalt sulfate production represents a major cost saving in the battery value chain,” Mell said. “By removing the need to crystalize material prior to transportation,” operational savings of between 4 and 6 percent are expected.

Electra owns the Iron Creek cobalt-copper project in Lemhi County and has cobalt and silver properties in the Canadian Cobalt Camp.

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