Moscow wants to protect its defence and construction industries from further growth in raw materials costs as prices for metals rise at a global level.
MIT spinoff 247Solar developed a battery that uses silica sand and electric resistance coils to generate ultra-high temperature heat from clean energy sources.
Company is one of China's biggest producers of the metal and is building new facilities in the southern Chinese city of Ganzhou to produce 10,000 tonnes per year of cobalt chemicals.