Electra signs battery recycling and Cobalt supply agreement with Marubeni
by CM Staff
Electra will also leverage Marubeni's presence in Japan and Asia as a facilitator of battery raw material flows into the regional EV supply chain.
TORONTO — Electra Battery Materials Corporation has signed a battery recycling and cobalt sulfate supply agreement with Japanese conglomerate Marubeni Corporation.
With this agreement, Electra and Marubeni have committed to providing electric vehicle manufacturers and battery cell makers with low carbon and traceable battery materials.
The company stated that Electra will benefit from Marubeni’s network of battery cell recyclers worldwide to secure a stable source of black mass and other recyclable materials for the company’s recycling operation, which is slated for commissioning in 2023. Electra will also leverage Marubeni’s presence in Japan and Asia as a facilitator of battery raw material flows into the regional EV supply chain.
The company stated that it remains on track to commission its near-zero carbon cobalt refinery in late 2022. The cobalt facility is the first of a four-phased project that will result in North America’s only integrated battery materials park, refining cobalt, nickel and black mass and converting the material into cathode precursor material for lithium-ion batteries.
“Marketing a portion of our cobalt production in Japan will lay the groundwork for further expansion opportunities as the North American market develops,” said Trent Mell, CEO of Electra in a statement.
“This partnership with Marubeni reflects the strong demand for North American battery materials as an alternative to legacy supply chains.”