Toronto, Ontario — In a deal that will link North American and Asian auto recycling markets, Electra Battery Materials issued a press release stating it has signed a battery recycling and cobalt sulfate supply agreement with Japanese conglomerate Marubeni Corporation.
The deal will see Marubeni working alongside Electra to help source lithium-ion battery material for the company’s EV battery recycling efforts in Ontario.
Electra says that they will, in turn, market a portion of it’s cobalt production to the Japanese supply chain. The company also says it is on track to commission its near-zero carbon cobalt refinery by the end of this year.
“Marketing a portion of our cobalt production in Japan will lay the groundwork for further expansion opportunities as the North American market develops,” said Electra CEO Trent Mell.
“This partnership with Marubeni reflects the strong demand for North American battery materials as an alternative to legacy supply chains.”