Salmon company wins $100 million grant to build cobalt refinery

SALMON, Idaho (KIFI) — The U.S. Department of Energy has awarded a Salmon company $100 million to produce cobalt sulfate and related materials.

The announcement was made on Thursday and is part of a $500 million national effort by the Trump administration to secure domestic critical mineral supply chain.

DOE said Salmon-based Formation Holdings US, Inc., doing business as Jervois, will use the money to build a commercial cobalt refinery at a selected industrial site.

Cobalt is a material used for batteries and battery storage. China has dominated the global cobalt supply chains, and the Trump administration is trying to change that.

Once operational, this refinery will establish long-needed domestic processing capabilities for cobalt, supported by a completed feasibility study and extensive industry experience.  

"For too long, America has depended on foreign actors for critical materials essential to modern life that underpin our economy, energy security, and national security," said U.S. Secretary of Energy Chris Wright. "President Trump is reversing that dependence by securing our critical supply chains, unleashing American industry, and bringing critical materials production and processing back to the United States."

Click here to learn more about the award.