02:23 PM EDT, 08/19/2024 (MT Newswires) -- Electra Battery Materials ( ELBM ) received a $20 million award from the US Department of Defense to complete an industrial-scale hydrometallurgical plant and produce cobalt sulfate at its Ontario facility, the Department of Defense said Monday.

The funding aims to establish the first North American refinery for cobalt sulfate production, with the project set to benefit the North American EV supply chain after completion, according to the Department of Defense.

Electra Battery shares jumped 62.4% in recent trading.

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