The plant will create 1,000 jobs while it is being built and hundreds of long\u002Dterm positions once it is up and running, he said.
Prime Minister Justin Trudeau announced the partnership with Belgium-based Umicore N.V. on Wednesday, saying it would result in a new facility that will supply materials for one million electric vehicles a year.
Umicore plans to make a $1.5 billion investment to build the cathode and precursor materials plant, the province said, noting that cathodes make up about half of the value of an electric vehicle battery.Article content Mathias Miedreich, CEO of Umicore, said three reasons led to choosing Loyalist Township and Ontario for the “gigafactory.”
Ontario’s Economic Development Minister Vic Fedeli said the investment was a “historic announcement.”Premier Doug Ford has previously spoken about wanting to establish Ontario as a leader in each step of the electric vehicle manufacturing process, from the critical minerals needed for the batteries to assembly.
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