First Cobalt appoints Michael Insulan as new VP, Commercial to advance offtake strategy
First Cobalt is in active discussions with several EV manufacturers and other battery supply chain participants to provide refined cobalt material.
TORONTO — On Apr. 7, First Cobalt Corp. announced the appointment of Michael Insulan as Vice-President, Commercial. In this capacity, Michael will have overall responsibility for marketing of the Company’s refined cobalt sulfate production to electric vehicle (EV) manufacturers and battery cell makers. He will also be responsible for marketing recycled cobalt, nickel, lithium and other battery materials produced by First Cobalt Canadian refinery under a proposed Phase 2 expansion to refine black mass recovered from end-of-life lithium-ion batteries.
First Cobalt is in active discussions with several EV manufacturers and other battery supply chain participants to provide refined cobalt material. Based in Europe, Mr. Insulan will assume responsibility for executing on this strategic priority with a focus on the major battery suppliers and automotive OEMs. In 2020, Europe overtook China as the largest EV market in the world while the Biden Administration has proposed a $174 billion stimulus plan to promote EV adoption and strengthen domestic lithium-ion battery supply chains in the United States. The strong outlook for EV growth in North America and Europe reinforces the strategic importance of First Cobalt’s cobalt supply for these growing markets.
Michael Insulan has nearly 20 years of experience across oil and gas, bulk commodities, base and minor metals. He has worked for Royal Dutch Shell, CRU, and Eurasian Resources Group. He holds a PhD in Economics, focused on the extractive industries.
First Cobalt recently concluded a five-year offtake agreement with Stratton Metal Resources Ltd. for up to 100% of cobalt sulfate production from the First Cobalt Refinery. The contract provides flexibility for First Cobalt to enter into direct offtake contracts with OEMs and their suppliers, subject to a minimum annual quantity in favour of Stratton Metals.