Canada is investing almost $1 billion in Umicore Rechargeable Battery Materials Canada, a unit of Belgium’s Umicore, to build a battery component manufacturing plant in Loyalist Township, Ontario.
The estimated $2.76 billion project is being supported by a $551.3 million investment from the government of Canada and $424.6 million from the Government of Ontario, the two governments said in a statement on Monday afternoon.
The first-of-its-kind manufacturing facility in North America will produce cathode active materials and precursor cathode active materials on an industrial scale for electric vehicle (EV) and battery producers in Canada and the US.
The full project has the potential to produce enough battery materials to support the production of more than 800,000 EVs per year, according to the governments.
It is expected that the project will create more than 600 jobs in eastern Ontario, plus 700 co-op positions for students.
“This project will bring great economic benefits to Ontario and create well-paying jobs for Canadians, and it is strengthening Canada’s position as the green supplier of choice,” Minister of Innovation, Science and Industry François-Philippe Champagne said in a statement.
Umicore CEO Mathias Miedreich added: “Umicore is proud of, and delighted with, the unwavering support and financial backing of Canada and Ontario. Their readiness to co-fund our investment coupled with the announcement of our first customer contract for the Loyalist plant mean we can forge ahead with the construction.”
Contact the author at emily.jarvie@proactiveinvestors.com
Follow her on X, formerly known as Twitter, @emilyjjarvie