Electra Inks Battery Recycling And Cobalt Supply Agreement With Japan’s Marubeni Corporation
Electra Battery Materials Corp (TSXV: ELBM) is looking at entering the Japanese battery recycling market. The firm announced today the signing of a battery recycling and cobalt sulfate supply agreement with Japanese conglomerate Marubeni Corporation.
While financial details were not disclosed, the arrangement will allow Electra to tap Marubeni’s network of battery recyclers to source black mass from recycled lithium-ion batteries. The sourced material will be fed into Electra’s hydrometallurgical recycling operation in Ontario, Canada.
On the other hand, Electra is looking at marketing its cobalt sulfate into existing Japanese battery supply chains serving the North American market. This is expected to be done through Marubeni’s presence in Japan and Asia.
“Marketing a portion of our cobalt production in Japan will lay the groundwork for further expansion opportunities as the North American market develops,” said Electra CEO Trent Mell.
The company said it is on track to commission its cobalt refinery in late 2022, which positions it to be “the only producer of battery-grade cobalt in North America.”
In December 2021, the firm also announced a commercial arrangement with Glencore related to the tolling of cobalt feedstock.
Electra Battery Materials last traded at $0.30 on the TSX Venture.
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