- Electra Battery Materials (TSXV:ELBM) joined the Aki battery recycling joint venture to produce battery black mass by recycling lithium-ion scrap
- Three Fires Group will lead the capital resourcing of the joint venture, as well as sourcing and determining the location for the future facility
- The two companies will work together to source and process lithium-ion battery waste from manufacturers, producing black mass at a facility in Southern Ontario
- Electra Battery Materials opened trading at $0.83 per share
Electra Battery Materials (TSXV:ELBM) joined a joint venture to produce battery black mass by recycling lithium-ion scrap.
Named Aki Battery Recycling, the Toronto-based low-carbon battery materials processor began the joint venture with Indigenous-owned economic development agency Three Fires Group, which will lead the capital resourcing of the joint venture, as well as sourcing and determining the location for the future facility.
The two companies will work together to source and process lithium-ion battery waste from manufacturers, producing black mass at a facility in Southern Ontario. This black mass will then undergo further treatment using Electra’s proprietary process at its Ontario hydrometallurgical refinery to recover essential minerals that can be reintroduced into the battery supply chain. By extracting lithium, nickel, cobalt, copper, manganese and graphite through an advanced battery shredding process, the joint venture aims to reduce the carbon footprint of the EV supply chain and lessen dependence on foreign sources for critical minerals.
Aki Battery Recycling will provide Electra’s refinery with a steady source of black mass for a future continuous operation.
“Aki Battery Recycling aims to address the environmental impact of future battery waste in Ontario and beyond, by returning battery scrap back into the supply chain,” Electra CEO Trent Mell said in a news release. “This venture not only aligns with our mission to onshore North America’s EV battery supply chain, but to do so sustainably and through a scalable solution to meet the growing needs of the North American electric vehicle industry.”
Several electric vehicle facilities are moving forward across Three Fires Confederacy treaty areas in southwestern Ontario. Electra’s near-term priority is to recommission and expand its Ontario cobalt refinery.
Circular Energy Storage forecasts that the global volume of lithium-ion batteries available for recycling or reuse will increase from 23.3 gigawatt hours (GWh) in 2023 to 376.1 GWh by 2035
Electra Battery Materials is a processor of low-carbon, ethically sourced battery materials to onshore the North American electric vehicle supply chain.
Electra Battery Materials stock (TSXV:ELBM) opened trading at $0.83 per share and has risen 66 per cent since the year began.
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(Top photo: Electra Battery Materials Corp.)