Electra Battery Materials, a provider of battery-grade materials for the electric vehicle and energy storage industries, announced the completion of its $34.5 million financing and $40 million debt equitization for its cobalt sulfate refinery in Temiskaming Shores, Ontario, Canada.
With these transactions and previously announced government commitments, Electra has now secured all the capital required to complete construction and commissioning of the cobalt sulfate refinery.
CEO Trent Mell said the company now enters “the execution phase,” emphasizing its role in reshoring critical mineral processing, stating that over 90% of global cobalt sulfate currently comes from China.
The combined total of $82 million raised through private investment and government support fully funds the project’s completion. The $40 million debt equitization also strengthens the company’s financial standing, reducing total debt from $67 million to $27 million.
Once operational, the Ontario refinery is expected to produce up to 6,500 tonnes of cobalt sulfate annually. This output is expected to support the manufacturing of batteries for approximately one million electric vehicles each year, while also serving critical sectors such as national defense, energy storage, and grid infrastructure.
“The financing and debt restructuring significantly de-risk Electra’s path forward,” said Marty Rendall, CFO, Electra Battery Materials. “A simplified capital structure and stronger financial position give us greater flexibility to advance construction and prepare for commissioning. Institutional demand for this offering highlights the growing conviction in the critical minerals sector and in Electra’s leadership within it.”
According to Mercom’s recently released 9M and Q3 2025 Funding and M&A for Energy Storage report, announced debt and public market financing for Energy Storage technology companies decreased 44% YoY, with $8.4 billion in 29 deals in 9M 2025, compared to $15 billion in 22 deals in 9M 2024.
In July, NOVONIX, a battery materials and technology provider, entered into a definitive funding agreement with Yorkville Advisors Global (Yorkville) to secure up to $95 million in funding. In exchange, the company is expected to issue up to $100 million in unsecured convertible debentures to Yorkville under a multi-tranche funding agreement.
