ELBM - Electra Battery Materials spikes on cobalt supply deal with LG Energy

Electra Battery Materials ( NASDAQ: ELBM ) +12.7% in Thursday's trading after saying it signed a three-year agreement to supply battery grade cobalt to Korea-based battery manufacturer LG Energy Solution.

Electra ( ELBM ) will supply LG Energy with 7K metric tons of battery grade cobalt starting in 2023 from Electra's cobalt sulfate refinery - the only such facility in North America - near Toronto.

Electra ( ELBM ) said the refinery is in the late stages of commissioning and is expected to begin operations in spring 2023; the facility will produce enough cobalt to supply up to 1.5M electric vehicles per year at full capacity.

In addition to the supply deal, the companies said they will cooperate and explore ways to advance opportunities across North America's EV supply chain, including securing of sustainable sources of raw materials.

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