First Brands Group debt targeted by Apollo Global Management - report
TORONTO - Electra Battery Materials Corporation (NASDAQ:ELBM; TSX-V:ELBM), a micro-cap battery materials company with a market capitalization of $15.22 million, announced Tuesday the nomination of Rear Admiral Gerard Hueber (Retired) to its Board of Directors.
Hueber most recently served as Vice President of Naval Power Requirements and Capabilities at Raytheon, where he oversaw an $8 billion naval portfolio. During his tenure, he managed global teams and customer relationships with U.S. and international defense partners.
His 30-year naval career included commanding Expeditionary Strike Group THREE, Destroyer Squadron EIGHTEEN, and USS STETHEM. He also directed maritime security cooperation initiatives across Europe and Africa and worked on defense strategy in the Office of the Secretary of Defense.
"Admiral Hueber’s distinguished career in the U.S. Navy and industry have provided him with invaluable perspective on the intersection of national security and industry," said Trent Mell, CEO of Electra.
Hueber’s nomination follows the recent addition of David Stetson to the board as the company advances its restructuring and recapitalization announced on August 21, 2025. According to InvestingPro data, the company currently operates with a total debt of $51.88 million and faces significant cash burn challenges, making this restructuring crucial for its future operations.
"I am honored to be nominated to Electra’s Board," said Hueber. "Electra’s vision will onshore critical mineral supply chains, reduce reliance on China, and strengthen national and economic security."
Electra is focused on developing North America’s only cobalt sulfate refinery and aims to reduce reliance on foreign supply chains for critical minerals used in lithium-ion batteries.
The company’s announcement was made through a press release statement.
In other recent news, Electra Battery Materials Corporation announced the completion of its early works program at its cobalt refinery near Toronto, marking a significant step towards the full construction restart of the facility. The program included advancements in the solvent extraction facility, with upgrades to power, lighting, and septic systems, alongside engineering and procurement activities. In a move to strengthen its financial position, Electra revealed a financial restructuring plan that will convert 60% of its convertible debt to equity, reducing its debt from approximately $67 million to about $27 million. Additionally, the company plans to launch a $30 million equity financing initiative.
Electra has also begun metallurgical testing on cobalt feedstock from North American sources, aiming to diversify its feedstock pipeline. The company appointed David Stetson, former CEO of Alpha Metallurgical Resources, to its Board of Directors, bringing extensive leadership experience to the team. Shareholders recently approved all proposals at Electra’s 2025 annual general meeting, including the appointment of MNP LLP as external auditors and the election of all five director nominees. These developments reflect Electra’s ongoing efforts to enhance its operational and financial strategies.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.