Electra Battery Materials has restarted full-scale construction on what it describes as North America’s first cobalt sulfate refinery, located near Temiskaming Shores, Ontario. Construction had been paused for roughly two years before the company completed a recapitalization and resumed site work in November 2025.
The refinery is designed to produce 6,500 tonnes of battery-grade cobalt sulfate per year—a key precursor for NMC lithium-ion battery cathodes. Electra has arranged US$82 million in total funding against a US$73 million construction budget: US$20 million from a US Department of Defense grant under the Defense Production Act, US$28 million in combined support from the Government of Canada and Invest Ontario and US$34 million in equity financing raised in October 2025. The company held C$39 million in cash at year-end 2025, rising to roughly C$41 million at the announcement date.
Early commissioning is expected in Q4 2026, with mechanical completion targeted for Q2 2027 and commercial production in Q4 2027. Electra is using a multi-package execution approach, engaging specialized contractors across discrete scopes rather than a single general contractor.
“With construction of our cobalt refinery now fully funded and our balance sheet reset, we are entering the execution phase with the resources and focus needed to deliver North America’s first cobalt sulfate facility,” said Trent Mell, CEO of Electra. “This marks a turning point for Electra and a critical step in reducing foreign dependence in the battery supply chain.”
Cobalt sulfate refining is currently concentrated in China, which processes the majority of global supply despite most ore originating in the Democratic Republic of Congo—leaving North American battery manufacturers heavily exposed on a critical input.
Source: Electra Battery Materials
