FedNor, the Government of Canada's economic development initiative for Northern Ontario, has announced a $5 million investment to support the construction of Electra Battery Materials Corporation's cobalt refinery in North Cobalt. This investment, announced by Members of Parliament Marc G. Serré and Anthony Rota, will contribute to the expansion of the cobalt refinery, making it the first of its kind in North America. The funding will enable Electra Battery Materials Corporation to continue the recommissioning and expansion of its hydrometallurgical cobalt refinery. Once completed, the refinery will have the capacity to produce cobalt for up to 1.5 million electric vehicles annually. This initiative aligns with the Government of Canada's commitment to supporting innovation and economic growth in the region. The investment is provided through FedNor's Regional Economic Growth through Innovation (REGI) program, which aims to stimulate economic development and innovation in Northern Ontario. This strategic investment builds upon the Government of Canada's initial $5 million investment announced in 2020, further demonstrating the government's dedication to advancing sustainable and innovative solutions in the electric vehicle industry.
Read more from the link below.
Comments