Canada and the province of Ontario will give up to C$1 billion to a unit of Belgium's Umicore (UMI.BR) to help it build a plant that will produce components for electric vehicle batteries, Ottawa said on Monday.
OTTAWA, Oct 16 - Canada and the province of Ontario will give up to C$1 billion to a unit of Belgium's UmicoreThe 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.
The plant - the first of its kind in North America - will initially employ 600 people and have a battery materials production capacity of 35 gigawatt hours annually. 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.
The Umicore plant is due to be built in stages and could be worth C$2.7 billion when fully completed. Canada will invest up to C$551.3 billion with Ontario adding up to C$424.6 billion. The full project has the potential to produce enough battery materials to support the production of over 800,000 EVs per year, Champagne said.Rapid advances in artificial intelligence such as Microsoft-backed OpenAI's ChatGPT are complicating governments' efforts to agree laws governing the use of the technology.
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