Electra Battery Materials announces terms of cobalt agreement with LG Energy Solutions expands
Vancouver
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July 24, 2023 01:46 PM Eastern Daylight Time
Electra Battery Materials Corporation CEO Trent Mell joined Steve Darling from Proactive to share news about the company's battery grade cobalt supply agreement with LG Energy Solutions.
The agreement's terms have been adjusted, increasing the duration from three to five years and expanding the supply volume from 7,000 to 19,000 tonnes of battery grade cobalt. This increased supply will account for 80% of Electra's production before any planned expansions.
Moreover, Electra and LG Energy Solutions will collaborate to explore opportunities across North America's electric vehicle (EV) supply chain, with a particular focus on securing sustainable sources of raw materials.
Mell emphasized that LG Energy Solutions is actively reinforcing its position as a global leader in the EV supply chain by making investments in Ontario and engaging in productive partnerships with Canadian companies that specialize in critical minerals and battery materials. This revised agreement with LG Energy Solutions is significant as it will provide enough material to produce approximately 4.5 million electric vehicles.
This partnership represents a major milestone for Electra Battery Materials Corporation, strengthening its position as a key player in the battery materials industry and supporting the growth of the EV market in North America. Through this collaboration with LG Energy Solutions, Electra aims to contribute to the advancement of sustainable and efficient electric transportation solutions.
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