Umicore Powers Up in Canada with $1B Support for EV Battery Components Factory!
Canada and the province of Ontario are teaming up to provide Belgian firm Umicore with financial support of up to one billion Canadian dollars (approximately $734 million US dollars or €696.5 million) to establish a cutting-edge battery components factory in Loyalist Township, Ontario.
This facility will be a game-changer, focused on producing cathode and cathode precursor materials.
Umicore’s visionary project will be executed in multiple phases with an estimated total investment of approximately $2 billion.
It’s poised to create 600 jobs initially and boast an annual production capacity of 35 gigawatt hours of battery material.
In terms of potential impact, the entire project has the capacity to churn out enough battery materials to support the production of over 800,000 electric vehicles each year.
Canada’s rich mining sector, with abundant reserves of minerals like lithium, nickel, and cobalt, is steadily attracting green tech companies across the electric vehicle supply chain.
#BatteryComponents #Sustainability #AutomotiveIndustry
Source: https://battery-news.de/2023/10/17/kanada-gewaehrt-umicore-bis-zu-734-millionen-us-dollar/
