The federal and Ontario governments are announcing today that they are putting nearly $1 billion combined into an electric vehicle battery component plant in eastern Ontario.
The up to $2.761-billion Umicore facility in Loyalist Township will build cathode active materials and precursor cathode active materials.
Government ministers are announcing today that Ottawa is set to put $551.3 million toward the project and Ontario is set to spend up to $424.6 million in capital costs.
Ontario Economic Development Minister Vic Fedeli says production is set to begin in early 2026 and with 600 direct employees, the facility is expected to produce enough battery materials to support 800,000 electric vehicles per year.
Federal Innovation, Science and Industry Minister François-Philippe Champagne says the Belgium-based Umicore’s facility will bring great economic benefits to Ontario and strengthen Canada’s position as the “green supplier of choice.”
Two electric vehicle battery plants are also in the works in Ontario, in St. Thomas, Ont., and Windsor.