TORONTO, Aug. 30, 2024 (GLOBE NEWSWIRE) — Electra Battery Materials Corporation (NASDAQ: ELBM; TSX-V: ELBM) (“Electra” or the “Company”) is pleased to announce its participation in Indonesia’s first critical minerals conference, Fastmarket’s International Critical Minerals and Metals Summit: Indonesia. The summit will bring together industry leaders, policymakers, and stakeholders to discuss Indonesia’s role in the global energy transition. Electra’s participation will underscore the opportunities to develop sustainable nickel and cobalt supply chains for the North American battery materials sector.
Electra CEO, Trent Mell, will sit on a panel titled “Examining Indonesia’s Role in Building an IRA-Compliant Supply Chain.” The conversation will delve into Indonesia’s expanding role as a key source of nickel and cobalt and how to build an EV supply chain that meets the requirements of the U.S. Inflation Reduction Act. As electric vehicle market share continues to expand, Indonesia’s strategic importance in the global supply chain is poised to grow significantly.
Electra’s involvement in this conference is timely, following its recent announcement of a US$20M Department of Defense grant (August 19, 2024) aimed at advancing domestic cobalt refining capabilities. This grant marks a significant milestone in Electra’s broader strategy to enhance the resilience of the North American battery minerals supply chain and diversify away from heavy reliance on Chinese processors.
“We are honored to be invited to share our insights at this inaugural event,” said Mell. “Indonesia will play a crucial role in the future of battery production, and we welcome these discussions around how the region can enter new markets to support the development of an IRA-compliant supply chain. As we look to the future, expanding North America’s battery materials supply chain by increasing processing capacity for nickel and cobalt not only fosters new global partnerships but also ensures that our approach to sourcing and production aligns with environmental stewardship and long-term sustainability goals.”
Electra’s near-term priority is recommissioning and expanding its Ontario cobalt refinery, while its longer-term vision includes extending its efforts to include onshoring additional critical mineral refining processes. Additional phases in building the North American supply chain could provide a closed loop for recycled battery materials, a second cobalt sulfate facility in Bécancour, Quebec, and a strategically located North American nickel sulfate refinery to supply battery grade nickel to the North American and global electric vehicle battery market.
About Electra Battery Materials
Electra is a processor of low-carbon, ethically-sourced battery materials. Currently focused on developing North America’s only cobalt sulfate refinery, Electra is executing a phased strategy to onshore the electric vehicle supply chain and provide a North American solution for EV battery materials refining. In addition to building North America’s only cobalt sulfate refinery, its strategy includes integrating black mass recycling, potential cobalt sulfate processing in Bécancour, Quebec, and exploring nickel sulfate production potential within North America. For more information, please visit www.ElectraBMC.com.
Contact
Heather Smiles
Vice President, Investor Relations & Corporate Development
Electra Battery Materials
[email protected]
1.416.900.3891
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Cautionary Note Regarding Forward-Looking Statements
This news release may contain forward-looking statements and forward-looking information (together, “forward-looking statements”) within the meaning of applicable securities laws and the United States Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical facts, are forward-looking statements. Generally, forward-looking statements can be identified by the use of terminology such as “plans”, “expects”, “estimates”, “intends”, “anticipates”, “believes” or variations of such words, or statements that certain actions, events or results “may”, “could”, “would”, “might”, “occur” or “be achieved”. Forward-looking statements are based on certain assumptions, and involve risks, uncertainties and other factors that could cause actual results, performance, and opportunities to differ materially from those implied by such forward-looking statements. Among the bases for assumptions with respect to the potential for additional government funding are discussions and indications of support from government actors based on certain milestones being achieved. Factors that could cause actual results to differ materially from these forward-looking statements are set forth in the management discussion and analysis and other disclosures of risk factors for Electra Battery Materials Corporation, filed on SEDAR+ at www.sedarplus.com and with on EDGAR at www.sec.gov. Other factors that could lead actual results to differ materially include changes with respect to government or investor expectations or actions as compared to communicated intentions, and general macroeconomic and other trends that can affect levels of government or private investment. Although the Company believes that the information and assumptions used in preparing the forward-looking statements are reasonable, undue reliance should not be placed on these statements, which only apply as of the date of this news release, and no assurance can be given that such events will occur in the disclosed times frames or at all. Except where required by applicable law, the Company disclaims any intention or obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.
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