Quebec, Ottawa pledge $300 million for GM electric car battery component plant
The governments of Quebec and Canada have announced $300 million in funding for a factory that will make components for electric vehicle batteries in Bécancour, Que., located about halfway between Montreal and Quebec City.
The $600-million factory, a joint project between automaker General Motors and South Korean industrial materials maker POSCO Future M, was first announced by the companies last year.
The factory will manufacture cathode-active materials, a key component of lithium-ion batteries found in electric cars, and is expected to employ around 200 people when it opens in 2025.
Quebec Premier François Legault said the factory, which is already under construction, sends a signal that Quebec is open to investment from international companies as he attempts to make the province a leader in green energy.
"We have an exceptional opportunity," he told reporters in Bécancour. "We have Hydro-Québec, so we have clean energy. We have strategic minerals, like lithium."
Legault said his government is lending the companies $152 million, of which $132 million will be forgiven if the factory maintains the promised jobs for 10 years.
"It's win-win for Quebec," he said, adding the jobs will lead to higher tax revenue for the province.
The project is part of a larger green energy corridor that includes Bécancour and the nearby cities of Trois-Rivières and Shawinigan, which are home to a number of companies and research institutions doing work related to electric vehicles, Legault said.
Federal Industry Minister François-Philippe Champagne told reporters Ottawa will provide a "contribution" of up to $147 million, but he did not specify the nature of the funding.
South Korean Ambassador Lim Woongsoon told the news conference the investment in the factory is a sign of the strengthening friendship between Canada and his country.
The announcement comes a little more than a week after automaker Ford announced it would buy thousands of tonnes of lithium hydroxide — a component in electric car batteries — produced by Quebec company Nemaska Lithium at its Bécancour plant.
This report by The Canadian Press was first published May 29, 2023.
CTVNews.ca Top Stories
BREAKING Police investigating shooting outside of Drake's Bridle Path mansion: source
Toronto police are investigating a shooting that took place outside of Drake’s Bridle Path mansion early Tuesday morning, a source tells CP24.
There's actually no such thing as vegetables. Here's why you should eat them anyway
The rumours are true: Vegetables aren't real — that is, in botany, anyway. While the term fruit is recognized botanically as anything that contains a seed or seeds, vegetable is actually a broad umbrella term.
'It looked so legit': Ontario man pays $7,700 for luxury villa found on Booking.com, but the listing was fake
An Ontario man says he paid more than $7,700 for a luxury villa he found on a popular travel website -- but the listing was fake.
The Met Gala was in full bloom with Zendaya, Jennifer Lopez, Mindy Kaling among the standout stars
The Met Gala and its fashionista A-listers on Monday included Jennifer Lopez, Zendaya and a parade of others in a swirl of flora and fauna looks on a green-tinged carpet lined by live foliage.
3 Indian nationals accused of murdering Hardeep Singh Nijjar facing court in B.C.
Three Indian nationals accused of murdering Sikh activist Hardeep Singh Nijjar are due to face court Tuesday over the killing that triggered a major diplomatic rift with India.
Israeli forces seize Rafah border crossing in Gaza, putting ceasefire talks on knife's edge
Israeli tanks seized control of Gaza's vital Rafah border crossing on Tuesday as Israel brushed off urgent warnings from close allies and moved into the southern city even as cease-fire negotiations with Hamas remained on a knife's edge.
Canadian cadets rock mullets and place second at U.S. military competition
Sporting mullets, Canadian Armed Forces officer cadets placed second in an annual military skills competition in the U.S.
Highlights from the 2024 Met Gala exhibit: Sleeping Beauty would wake up for these gowns
Sure, she was a royal princess and all. But there’s no way Sleeping Beauty — either before or after her nap — ever had quite the fabulous wardrobe that’s been assembled at the Metropolitan Museum of Art.
Noelia Voigt resigns as Miss USA, citing her mental health
Noelia Voigt, who was crowned Miss USA in November 2023, has announced she is resigning from her role, saying the decision is in the best interest of her mental health.