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0 0 0.0192926045016077 0.0149839228295819 0.0192926045016077 0.0466237942122186 0.0578778135048231 0.0578778135048231
Stock impact report

Toronto upstart Electra lands 'first big commercial contract' with global battery maker LG [Financial Post (Toronto, Ontario, Canada)]

Electra Battery Materials Corporation (ELBM) 
Company Research Source: Financial Post
Electra Battery Materials Corp. agreed to supply LG Energy Solution Ltd., a global lithium-ion battery maker, with 7,000 tonnes of cobalt from its Ontario refinery in a deal that shows companies are increasingly looking to shift refining operations away from China. The U.S. government is intent on ending China's stranglehold on the supply of the raw ingredients needed to build clean technologies such as electric vehicles, or EVs. President Joe Biden last month signed the Inflation Reduction Act (IRA), which states that EVs containing batteries assembled in North America and made up of critical minerals sourced from the region could receive US$7,000 worth of tax credits, a generous subsidy that could offset some of China's advantages. “The IRA makes it pretty clear, if you are going to have any contact from China or Russia, that vehicle credit goes to zero,” said Trent Mell, Electra's chief executive. “Suddenly you have got global supply chain participants, companies much bigger t Show less Read more
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