Ottawa and Ontario have reached a deal with a global materials technology and recycling group to build a new battery component facility in the province's Loyalist Township that will supply parts for electric vehicles.
Ottawa and Ontario have reached a deal with a global materials technology and recycling group to build a new battery componentPrime Minister Justin Trudeau announced the partnership with Belgium-based Umicore N.V. on Wednesday, saying it would result in a new facility that will provide materials for one million electric vehicles a year.
The $1.5-billion Umicore investment includes money from both the federal and provincial governments, though a provincial spokesperson would not divulge the amounts of funding. The facility will be home to production of cathodes and precursor materials, the province said, noting that cathodes make up about half of the value of an electric vehicle battery.
Miedreich said Canada's "unique" availability of resources when compared to all of North America also made it a desirable choice.
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