Canada to give Belgium's Umicore up to C$1 billion for new battery components plant

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OTTAWA : Canada and the province of Ontario will give up to C$1 billion to a unit of Belgium's Umicore to help it build a plant that will produce components for electric vehicle batteries, Ottawa said on Monday.

The facility, in the Ontario town of Loyalist Township, will manufacture cathode active materials and precursor cathode active materials, federal Innovation Minister Francois-Philippe Champagne said in a statement.

Canada, home to a large mining sector for minerals such as lithium, nickel and cobalt, wants to woo firms involved in all levels of the electric vehicle supply chain via a multibillion-dollar green technology.

Source: Energy Industry News (energyindustrynews.net)

 

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