Latest news with #Cobalt
CTV News
18 hours ago
- Business
- CTV News
Electra takes the next step in opening North America's only cobalt refinery
Electra Battery Materials Corp. says it has launched what it calls 'an early works program' at its cobalt refinery near Cobalt, Ont. (File) Electra Battery Materials Corp. says it has launched what it calls 'an early works program' at its cobalt refinery near Cobalt, Ont. The $750,000 program is the next step in Electra's preparations to restart full-scale production at the northern Ontario facility. Located near the border of Temiskaming Shores and Cobalt, it will be North America's only producer of battery-grade cobalt once the refinery is in operation. Interior view of Electra Ontario Refinery An undated image of an interior view of Electra Battery Materials' Ontario refinery in Cobalt, Ont. (Supplied/Electra Battery Materials) Once fully commissioned, the facility will produce 6,500 tonnes of cobalt annually, which would support the production of up to 1.5 million electric vehicles each year. The Electra facility has received funding from the Canadian and U.S. governments, as well as the private sector, with the goal of reducing reliance on China, where the vast majority of the world's cobalt is currently refined. 'The early works program encompasses targeted site-level activities designed to prepare for the restart of full-scale construction,' the company said in a news release. 'The initiative reflects growing momentum around the project, supported by strategic funding from both the U.S. and Canadian governments.' 'The early works program represents a critical step in transitioning the refinery site back to construction mode,' Mark Trevisiol, Electra's vice-president of projects, said in the release. Electra Battery Materials in North Cobalt, Ontario Electra Battery Materials in North Cobalt, Ontario 'By focusing on key infrastructure, particularly in the SX area, we are ensuring the site is ready for a seamless ramp-up as soon as full funding is in place.' Work scheduled over the summer will focus on advancing high-priority activities in the solvent extraction (SX) area, which is a key component of Electra's hydrometallurgical refining circuit. 'Crews will relocate and install SX processing equipment previously delivered to site, pour reinforced concrete bases for the SX tanks, and complete structural roofing work on the SX building,' the release said. 'In parallel, tender preparation and engineering support activities will proceed to facilitate the transition to full construction. These works follow a $200,000 investment earlier this year into the septic, power and lighting systems, as well as the recent delivery and placement of the site's prefabricated electrical house, all further enhancing construction readiness.' Critical infrastructure Electra CFO Marty Rendall said the early works program allows the company to build 'critical infrastructure and maintain project momentum while we work to finalize the remaining elements of our funding package.' The program is partially supported by US$20 million from the U.S. Department of Defense under the Defense Production Act, announced in August 2024. The project has also received support from Canada's Strategic Innovation Fund. 'Our early works program is a clear signal: Electra is not standing still,' Trent Mell, CEO of Electra, said in the news release. 'The early works program lays the physical and operational groundwork to accelerate into full construction. We are confident in our project and its strategic importance. Preparing for the final leg of construction is a reaffirmation of our commitment to delivering North America's only battery-grade cobalt refinery.' Battery-grade cobalt Electra's refinery is the only project in North America designed to produce battery-grade cobalt sulfate at scale. With funding support from the Canadian and U.S. governments already in place, Electra said it is working on making 'strategic progress toward completing the remaining financing needed to bring the cobalt sulfate refinery into full commercial operation.' 'Backed by strong government endorsements and the refinery already significantly advanced, Electra expects it will be able to finalize the balance of the financing required to move the refinery into production.' In addition to the cobalt sulfate refinery, Electra said its strategy includes nickel refining and battery recycling. For more information, click here.
CTV News
2 days ago
- Politics
- CTV News
Cobalt mayor in the Mayor's Chair
Angela Adshead, the mayor of Cobalt, has a chat with CTV News anchor Ian Campbell in this week's edition of the Mayor's Chair.
CTV News
08-06-2025
- Business
- CTV News
Electra completes study for Ontario battery recycling hub
Electra Battery Materials has completed a feasibility-level engineering study for a modular battery recycling facility to be built near its cobalt sulphate refinery in northern Ontario. Aerial view of Electra Ontario Refinery An undated image of an aerial view of Electra Battery Materials' Ontario refinery in Cobalt, Ont. (Supplied/Electra Battery Materials) The facility will use Electra's proprietary hydrometallurgical process to recover lithium, nickel, cobalt, manganese, and graphite from lithium-ion battery scrap and end-of-life batteries. The process was validated during a year-long pilot program treating black mass supplied by an industry partner. Funded in part by Natural Resources Canada, the next phase will test continuous and semi-continuous operations to simulate commercial-scale output. Recovered cobalt will feed directly into Electra's nearby cobalt sulfate refinery, currently under construction, while other materials will re-enter the battery supply chain. Interior view of Electra Ontario Refinery An undated image of an interior view of Electra Battery Materials' Ontario refinery in Cobalt, Ont. (Supplied/Electra Battery Materials) 'We are advancing a clear pathway to a closed-loop, domestically sourced battery materials supply chain,' said Trent Mell, Electra's CEO, in a news release last week. 'This integration strengthens North America's energy security and positions Electra as a first mover in the continent's emerging battery ecosystem.' rent Mell An undated promotional photo of Trent Mell, CEO of Electra Battery Materials. (Electra Battery Materials) The project aligns with Electra's partnership with Aki Battery Recycling, a majority Indigenous-owned joint venture with the Three Fires Group, which will supply shredded battery scrap. 'Through Aki, we are building a robust pipeline to process battery manufacturing scrap and end-of-life batteries that can be converted into value-added materials right here in Ontario,' Mell added. Electra plans to share study results with battery manufacturers and automakers to gauge interest in offtake agreements and scale adjustments. The study was conducted with Green Li-ion, whose modular technology forms the basis of the recycling process. Electra black Mass project An updated photo of an Electra employee working on the company's black mass project. (Supplied/Electra Battery Materials) The initiative supports efforts to reduce reliance on foreign critical mineral processing, particularly amid China's dominance. Electra's refinery has received funding from the Canadian and U.S. governments, reflecting its strategic role in military and energy storage applications. Electra 1 Electra Battery Materials south of Temiskaming Shores is North America's first cobalt sulphate refinery capable of producing battery-grade materials for lithium-ion batteries. (File photo/Eric Taschner/CTV News Northern Ontario) Aki Battery Recycling is developing a shredding facility to supply black mass, combining Indigenous economic participation with secure feedstock for Electra's operations.
Techday NZ
06-06-2025
- Business
- Techday NZ
Cobalt unveils platform updates to streamline pentesting workflows
Cobalt has announced a series of product enhancements within its Offensive Security Platform intended to assist customers in scaling security testing with greater clarity, automation, and control. The platform centralises access to security services provided by a team of pentesters, enabling organisations to identify and address vulnerabilities more efficiently across their environments. Features offered include faster pentest launches, real-time collaboration with testers, continuous scanning, and integration with remediation workflows. According to the company, these processes aim to support security teams in identifying critical issues and accelerating the mitigation of risks. The latest updates seek to provide customers with clearer risk prioritisation. Each finding within the platform now comes with standardised CVSS v3.1 scores alongside OWASP ratings, offering a measurable and objective understanding of vulnerability severity. Users are expected to be able to concentrate their remediation efforts on the most critical security issues first, potentially saving time and resources while maintaining their security posture. CVSS data are accessible via reports, CSV exports, the public API, and integrations. Deeper insight and increased trust in pentest results is also a focus of these enhancements. Final pentest reports now include a detailed Coverage Checklist with associated findings. This addition is designed to provide a comprehensive overview of testing scope and methodology, linking individual findings directly to test activities. This approach is intended to make it easier for users to analyse results and take appropriate action. For organisations dealing with recurring or retested vulnerabilities, workflow simplification is addressed through a new configuration option. Users can automatically associate findings carried over from previous reports with existing tracking tickets or generate new tickets for separate tracking. This is intended to save time and reduce confusion in vulnerability management processes. The process of launching a pentest has also been redesigned. The platform now provides an intuitive flow in which users can select from a range of pentest options, customise requirements - such as requesting a debrief call - and place their order in a matter of minutes. Cobalt describes this as making launching a pentest as simple as ordering a pizza, with the goal of improving the user experience and accelerating the initiation of testing. Boris Diebold, Chief Technology Officer at HeyJobs, commented, "These updates are all about delivering more impactful and efficient testing. The clearer reporting and streamlined workflows help us understand and address our security risk with more confidence and speed." Discussing the direction of the platform, Jason Lamar, SVP of Product at Cobalt, said, "These innovations mark the next chapter in the evolution of offensive security services. We're building toward a future where pentesting is continuous, deeply integrated into development workflows, and backed by data that drives real security outcomes - not just compliance. The Cobalt Platform is redefining what it means to test smarter, not harder." The enhancements are intended to make pentesting more actionable and transparent, whether an organisation is launching a test in a short timeframe, integrating insights directly into development pipelines, or supporting compliance reporting. The platform continues to prioritise usability, integration capabilities, and the timely remediation of vulnerabilities, as it serves security and development operations teams dealing with changing and emerging security threats.
Daily Mail
05-06-2025
- Business
- Daily Mail
'Hammer blow' to the City as UK fintech firm Wise announces it is to switch its primary listing to New York
UK fintech firm Wise is to switch its primary listing from London to New York in what was described yesterday as a 'hammer blow' to the City. The decision to up sticks adds to a transatlantic exodus as companies seek higher valuations in the American stock market. It deepens the sense of decline for London's beleaguered equity markets – hours after metal investment firm Cobalt axed plans for a UK flotation. Wise boss Kristo Kaarmann acknowledged efforts to reform Britain's listing rules but said the move was due to the US having the world's biggest capital markets, enabling more investors to buy shares. 'We kind of have to accept the reality of where the world's capital is concentrated,' he said. The money transfer company said it was not turning its back on the UK, where a fifth of its employees are based, and would continue hiring and investing in the country. It will also maintain a secondary listing in London. But Charles Hall, head of research at broker Peel Hunt, said: 'For Britain's leading fintech, founded in London, headquartered in London, to decide to turn its back on the London market can be seen as nothing but a hammer blow.' A leading City fund manager told the Mail that it was a 'devastating' setback to the London Stock Exchange, given hopes that Wise was on course to join the FTSE 100. 'There's the loss of prestige and substantial loss of tax revenue through stamp duty – but what message does it set for other successful fintech businesses in the UK?' he said. 'This is an area we should dominate.' Wise follows equipment hire group Ashtead, gambling giant Flutter, building materials firm CRH and plumber Ferguson in abandoning London. At the same time big FTSE names from Hargreaves Lansdown to Deliveroo have been snapped up by foreign predators. And a dearth of new initial public offerings (IPO) means the departing companies are not being replaced, leaving London increasingly bereft. The decision by Unilever to spin off its ice cream business in Amsterdam as well as fast fashion giant Shein's likely abandonment of a London IPO in favour of Hong Kong are among the latest blows. Wise, founded in 2011 as TransferWise, listed under its new name in 2021 with an £8billion valuation, or 800p per share. The shares have had a rocky ride but were still a third up on Wise's debut valuation before yesterday's announcement. That stoked a further rise of as much as 13 per cent, before the stock eventually closed 7.1 per cent, or 77p, higher at 1160p. The announcement came alongside results showing a 17 per cent rise in underlying profits to £282million for the year to the end of March. Other major fintech firms including Klarna and Revolut also look set to favour New York. Klarna had already lined up a US IPO before shelving it earlier this year. Alphawave takeover talks extended US semiconductor giant Qualcomm has been given more time to secure a deal to buy the British tech starlet Alphawave. The Takeover Panel agreed to extend the deadline for the Americans to table a formal bid to for a fifth time – to 5pm on Monday. The decision came ahead of the latest deadline of 5pm yesterday, and Alphawave shares rose 2.4 per cent, or 3.4p to 145p, valuing it at £1.1billion. Both companies said they 'remain engaged in discussions' over a possible deal.
