Quebec, Ottawa pledge $300M 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 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. “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.
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.
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