08:29 AM EDT, 09/18/2024 (MT Newswires) -- Electra Battery Materials ( ELBM ) on Wednesday said it formed a joint venture called Aki Battery Recycling with Indigenous-owned Three Fires Group that will produce battery black mass through recycling of lithium-ion battery scrap and waste material.

The black mass will be sold to Electra's refinery to recover lithium, nickel, cobalt and other critical minerals to produce new lithium-ion batteries.

The Three Fires Group will lead the capital resourcing of the joint venture, as well as sourcing and determining the location for the future facility. Electra will provide technical and commercial leadership to the project. By recovering lithium, nickel, cobalt, copper, manganese and graphite through an advanced battery shredding process, the joint venture will reduce the carbon footprint of the EV supply chain and decrease reliance on foreign countries for critical minerals.

Last year, Electra processed 40 tonnes of black mass at its refining complex north of Toronto to trial its proprietary recycling process. The company also received $5 million from Natural Resources Canada in June, to accelerate the next phase of its recycling project.

Electra Battery Metals was last seen up US$0.03, to US$0.64, in U.S. premarket trade.