The Governments of Canada and Ontario are welcoming an investment from Umicore Rechargeable Battery Materials Canada Inc. to build a new manufacturing plant in Loyalist Township. This facility will produce cathode active materials (CAM) and precursor cathode active materials (pCAM), essential components for electric vehicle (EV) batteries. The total investment, with an eligible cost envelope of up to $2.761 billion, will be executed in multiple stages. Umicore has announced a firm investment decision for the first stage, totaling $2.1 billion, with $1.8 billion allocated for capital expenditures to achieve a battery materials production capacity of 35 GWh annually. The Government of Canada will support Umicore's project with an investment of up to $551.3 million, while the Government of Ontario will provide up to $424.6 million. François-Philippe Champagne, Minister of Innovation, Science and Industry, highlighted Canada's potential as a global leader in the green economy, emphasizing Umicore's choice of Canada for its new electric vehicle battery materials plant. Premier Doug Ford praised Umicore's investment, emphasizing Ontario's commitment to revitalizing the auto sector and attracting new investments. The facility, the first of its kind in North America, will create 600 direct jobs and 700 co-op positions, contributing to Ontario's economy. Utilizing Canadian critical minerals, including nickel, lithium, and cobalt, the project aims to support the production of over 800,000 EVs per year, strengthening Canada's and Ontario's domestic EV supply chain. Additionally, thanks to Canada's abundant clean energy, the facility will be nearly carbon neutral. Umicore CEO Mathias Miedreich expressed gratitude for the support from Canada and Ontario, emphasizing the company's commitment to being a reliable partner in the automotive and battery industry. The investment signifies Canada and Ontario's leadership in attracting investments in the EV revolution, from mining critical minerals to manufacturing batteries and EVs.
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