Electra Battery Materials Corporation (NASDAQ: ELBM; TSX-V:
ELBM) (“Electra” or the “Company”) today announced the signing
of a memorandum of understanding (“MOU”) with the Three Fires Group
(“TFG”) to form a joint venture focused on the recycling of
lithium-ion battery waste in Ontario underpinned by Electra’s
propriety black mass processing capabilities that recover high
value elements, including lithium, nickel, cobalt, and
graphite.
“We are excited by the opportunity to work with the Three Fires
Group and solve a pressing challenge of the EV battery supply
chain, namely how to recycle and repurpose battery waste,” said
Trent Mell, CEO of Electra. “Our joint-venture will pave the way
for producers of various lithium-ion batteries and energy storage
equipment in Ontario to reduce their waste, reuse high-value and
increasingly scarce commodities like nickel and cobalt, and lower
carbon emissions in their manufacturing activities.”
Mr. Mell added, “The Three Fires Group has developed an
Indigenous leadership position in fostering the transition to
clean, sustainable energy through its relationships with federal
and provincial agencies and various clean energy providers. Working
with the Three Fires Group will allow us to get access to a steady
stream of black mass material and address the growing demand for
critical minerals.”
“Ontario is quickly emerging as an important centre in the
global EV supply chain, potentially providing economic prosperity
for generations to come,” said Reggie George, Executive Director –
Special Projects and Partnerships with the Three Fires Group.
“Critical to this success will be ensuring that all manufacturing
activities related to the EV supply chain are carried out
sustainably and responsibly. We believe First Nations should be
leading the charge in ensuring a circular economy around the
transition to EV’s, and we’re proud to be taking the first steps
together with Electra.”
Under the joint venture, Electra and the Three Fires Group will
collaborate to source and process lithium-ion battery waste
generated by manufacturers of current and future battery cells,
electric vehicles, and energy storage systems. The waste will be
processed at a facility to be located in southern Ontario to
produce black mass material that will be further refined using
Electra’s proprietary hydrometallurgical process at its refinery
complex north of Toronto to recover high value elements, including
lithium, nickel, copper, manganese, and graphite.
As part of the MOU, Electra and the Three Fires Group have
agreed to work together to secure a net-zero industrial facility
that can be used to shred and separate lithium-ion batteries and
produce black mass material. The joint-venture partners have also
agreed to collaborate on the development of economic studies of
sourcing of engineering, procurement, construction, and management
requirements necessary to launch the battery waste recycling
facility.
Several electric vehicle facilities are moving forward across
the treaty areas of the Three Fires Confederacy in southwestern
Ontario, including recent announcements by the Volkswagen Group,
LG-Stellantis, Toyota and GM CAMI. In parallel, southwestern
Ontario is seeing dozens of proposals for transmission grid
connected battery energy storage systems. Research firm
MarketsandMarkets estimates the lithium-ion battery recycling
market to grow to $35.1 billion by 2031, from $6.5 billion in
2022.
About the Three Fires Group
The Three Fires Group is focused on generating wealth and
prosperity from economic and infrastructure opportunities for
current and future generations. Through its Climate Action
Investment Policy, the Three Fires Group supports First Nation
investments in non-fossil fuel, clean energy projects generally
aligned with the government of Ontario's energy supply acquisition
strategy, inclusive of "behind-the-meter" generation and
storage.
The Three Fires Group provided technical and investment
assistance for the recently announced Three Fires Nations-Ontario
Southwestern Ontario Infrastructure and Economic Opportunities
Table - a joint Crown-Indigenous effort to develop clean energy
infrastructure in Southern Ontario, including investments to build
Ontario's first large-scale electric vehicle battery manufacturing
plants, five new regional transmission lines, and a forthcoming
fleet of battery energy storage systems. For more information about
the Three Fires Group, please visit: www.threefires.com.
About Electra Battery Materials
Electra is a processor of low-carbon, ethically-sourced battery
materials. Currently commissioning North America’s only cobalt
sulfate refinery, Electra is executing a multipronged strategy
focused on onshoring the electric vehicle supply chain. Keys to its
strategy are integrating black mass recycling and nickel sulfate
production at Electra’s refinery located north of Toronto,
advancing Iron Creek, its cobalt-copper exploration-stage project
in the Idaho Cobalt Belt, and expanding cobalt sulfate processing
into Bécancour, Quebec. For more information visit
www.ElectraBMC.com.
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in policies of the TSX Venture
Exchange) accepts responsibility for the adequacy or accuracy of
this release.
Cautionary Note Regarding Forward-Looking Statements
This news release may contain forward-looking statements and
forward-looking information (together, “forward-looking
statements”) within the meaning of applicable securities laws and
the United States Private Securities Litigation Reform Act of 1995.
All statements, other than statements of historical facts, are
forward-looking statements. Generally, forward-looking statements
can be identified by the use of terminology such as “plans”,
“expects”, “estimates”, “intends”, “anticipates”, “believes” or
variations of such words, or statements that certain actions,
events or results “may”, “could”, “would”, “might”, “occur” or “be
achieved”. Such forward-looking statements include, without
limitation, statements regarding the potential for additional
funding from the Federal government of Canada and the government of
Ontario and the quantum and terms thereof, adjustments of interest
rates on the occurrence of certain events which may impact the
attributes of the notes and warrants issued under the Note
Offering, including but not limited to a “green bond” designation,
and the effective conversion rate of the Notes and Warrants, which
is subject to adjustment in certain circumstances, the listing of
the Common Shares underlying the notes and the warrants issued
under the Note Offering on TSXV and NASDAQ, and the expected use of
proceeds of the Offering. Forward-looking statements are based on
certain assumptions, and involve risks, uncertainties and other
factors that could cause actual results, performance, and
opportunities to differ materially from those implied by such
forward-looking statements. Among the bases for assumptions with
respect to the potential for additional government funding are
discussions and indications of support from government actors based
on certain milestones being achieved. Factors that could cause
actual results to differ materially from these forward-looking
statements are set forth in the management discussion and analysis
and other disclosures of risk factors for Electra Battery Materials
Corporation, filed on SEDAR at www.sedar.com and with on EDGAR at
www.sec.gov. Other factors that could actual results to differ
materially include changes with respect to government or investor
expectations or actions as compared to communicated intentions, and
general macroeconomic and other trends that can affect levels of
government or private investment. Although the Company believes
that the information and assumptions used in preparing the
forward-looking statements are reasonable, undue reliance should
not be placed on these statements, which only apply as of the date
of this news release, and no assurance can be given that such
events will occur in the disclosed times frames or at all. Except
where required by applicable law, the Company disclaims any
intention or obligation to update or revise any forward-looking
statement, whether as a result of new information, future events or
otherwise.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20230502005407/en/
Joe Racanelli Vice President, Investor Relations
info@ElectraBMC.com 1.416.900.3891
Reggie George Executive Director, Special Projects and
Partnerships, Three Fires Group Reggie.george@threefires.com
1.226.349.5499
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