Department Of Defense Awards $20M To Electra Battery Materials Corp To Establish Sustainable Cobalt Sulfate Production For Large Capacity Battery Supply Chain
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The Department of Defense has awarded $20 million to Electra Battery Materials Corp to establish a sustainable cobalt sulfate production facility in Ontario, Canada. This initiative aims to bolster North American production of critical minerals for large capacity batteries, supporting both defense and commercial sectors.
August 19, 2024 | 5:47 pm
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Electra Battery Materials Corp received a $20M award from the DoD to establish a cobalt sulfate production facility in Ontario, enhancing North American battery supply chains.
The $20M award from the DoD is a significant investment in Electra Battery Materials Corp, aimed at establishing a cobalt sulfate production facility. This development is crucial for the North American battery supply chain, particularly for large capacity batteries used in defense and commercial sectors. The funding is likely to enhance Electra's production capabilities and market position, potentially leading to positive short-term stock price movement.
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