First Cobalt Announces Shift To Making Battery Materials, Plans To Change Name
First Cobalt Corp. (TSXV: FCC) announced on Sunday its strategic plan to provide recycled battery and precursor materials to the North American supply chain. The firm also plans to change its name to Electra Battery Materials Corporation to reflect this shift in focus of the business model.
“With the continent’s rich mineral endowment, the rationale for supplying battery materials through Asia into a growing U.S. EV market is not sustainable. Electra will act as a bridge between North American electric vehicles and a North American source of primary and recycled material, providing a low carbon solution for zero-emission vehicles,” explained the company’s CEO Trent Mell.
The firm’s four-phase plan starts with expanding its “existing refinery complex to produce 26% of the ex-China supply of battery-grade cobalt”. Phase two involves leveraging existing plant equipment to recycle battery materials to recover lithium, nickel, cobalt, copper, and graphite.
The third phase would involve constructing a modular nickel sulfate plant which the firm claims will enable it to be “North America’s first integrated Battery Materials Park”. Phase four will see the “construction of a battery precursor materials plant in 2025”.
The name change is still subject to shareholders’ approval.
First Cobalt Corp. last traded at $0.35 on the TSX Venture.
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