Canada to provide up to CAD 1 billion in funding to Belgium’s Umicore for the establishment of a new plant that will manufacture battery components

Canada and Ontario will provide up to CAD 1 billion to Umicore, a Belgian company, to build a plant in Loyalist Township that will produce components for electric vehicle batteries.

The plant will manufacture cathode active materials and precursor cathode active materials and have a battery materials production capacity of 35 gigawatt hours annually.

Canada aims to attract companies involved in all levels of the electric vehicle supply chain through a multibillion-dollar green technology initiative.

The Umicore plant could be worth CAD 2.7 billion when fully completed and has the potential to produce enough battery materials for over 800,000 EVs per year.

Learn more: Economictimes.com