US Gives Tiny Canadian Firm Electra $20 Million to Build Cobalt Plant

URLhttps://www.bloomberg.com/news/articles/2024-08-19
SourceBloomberg
Date Published08/19/2024
Author NameJacob Lorinc

Additional Reshoring Information:

Company/Division name Electra Battery Materials Corp.
Type of work Manufacturing
Reshoring category:Nearshoring
Year reshoring announced:2024
Domestically, the work will be done:In-house
Capital investment ($):250
State(s) reshored to:Canada
If relevant, work nearshored to:-
Industry(ies):Nonmetallic Mineral Products
Product(s) reshoredcobalt sulfate for lithium ion batteries
What non-domestic negative factors made offshoring less attractive?Supply chain interruption
What domestic positive factors made reshoring more attractive?Government Incentives
Government Incentive dollar amount:$20 million award from the US government
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