Stellantis and LGES accepted a new financial aid package proposed by Canada's federal government and Ontario's provincial government.
Stellantis and LG Energy Solution have resumed construction of a $3.7 billion electric vehicle battery plant in Windsor, Ontario after receiving significant incentive increases from the Canada's federal government and Ontario's provincial government., said on July 5 they signed a binding agreement with the federal government ensuring the production of battery cells and modules at the site.
As part of the new agreement, the Canadian government pledged to"level the playing field with the US Inflation Reduction Act ," Stellantis said in a statement. “The IRA fundamentally changed the landscape for battery production in North America, making it challenging to produce competitively priced, state-of-the-art batteries in Canada without an equivalent level of support from government. We are pleased that the Federal government with the support of the Provincial government came back and met their commitment of leveling the playing field with the IRA.
While the terms of the offer have not been released, it is known that Ontario has pledged to pay for up to one third of the entire package. According to sources cited byEffective immediately, all construction at the NextStar Energy battery plant in Windsor will resume, with production planned to launch in 2024.The site will create an estimated 2,500 new jobs in Windsor and the surrounding areas.
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