Australian cobalt company Jervois Global Limited has submitted an application to the United States Department of Energy (DOE) Loan Program Office to finance its proposed greenfield US cobalt refinery.
The application was made under the DOE Advanced Technology Vehicle Manufacturing (ATVM) Loan Program, according to the ASX-listed company.
The ATVM Loan Program provides loans to build US manufacturing facilities for advanced technology vehicles and qualified components utilised in those cars.
In particular, Jervois said it has applied for funding to build a cobalt refinery in the United States, which would create cobalt sulphate for the country’s small but fast-growing electric vehicle industry.
The application was submitted after consulting with the DOE Loan Program Office, and the process still requires more stages to be completed; however, there is no guarantee that the company will get funds from the ATVM Loan Program.
Jervois stated that it does not intend to update the market on this ATVM Loan Program application until final procedures are agreed upon with the DOE Loan Program Office to develop or fund the proposed US refinery.
Earlier this month, the cobalt company announced its proposed US refinery and the next steps in advancing its design.
The firm said that its proposed refinery expansion at the Kokkola Industrial Park (KIP) in Finland will be shifted to a study for a greenfield cobalt refinery in the United States.
It added that negotiations with manufacturers in both the United States and Europe are progressing, emphasising that it intends to finalise initial long-term cobalt sulphate contracts from Jervois Finland’s existing production capacity in both jurisdictions by 2023.
