The GM-Posco project was first announced roughly a year ago and billed as a $500-million endeavour
roughly a year ago and billed as a $500-million endeavour. Now, the partners estimate the value at more than $600-million. Local and federal politicians joined executives from the companies as well as South Korea’s ambassador to Canada Monday in Bécancour to formally kick off the project.
The Trudeau government has agreed to provide subsidies that could reach $13-billion over a decade for a new Volkswagen AG battery plant in St. Thomas, Ont. The government has come under criticism for the sheer scale of that corporate aid, but has insisted it’s justified by the economic spinoffs it will create.
Quebec has many of the minerals the auto industry needs as it goes electric. And the province has something equally valuable: cheap, green hydropower – the kind needed for the energy-intensive task of pulling those minerals out of the ground to create cathodes and anodes, the basic components for EV batteries.
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Quebec, Ottawa pledge $300 million for GM electric car battery component plantQuebec and Ottawa deepened the EV funding pot announcing $300 million for a factory that will make components for EV batteries. Read on.
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Quebec, Ottawa pledge $300 million for GM electric car battery component plantThe $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.
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Quebec, Ottawa pledge $300 million for GM electric car battery component plantThe $600\u002Dmillion factory, a joint project between automaker General Motors and South Korean industrial materials maker POSCO Future M, was first announced by…
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