Umicore to Build Canadian EV-Battery Materials Plant
July 13 2022 - 11:41AM
Dow Jones News
By Pierre Bertrand
Umicore SA said Wednesday that it has signed a memorandum of
understanding with the Canadian government as it prepares to build
a plant for electric-vehicle battery materials.
The Belgian materials technology company said it hopes to start
construction in 2023 and to have the plant operational at the end
of 2025. The plant will have the potential to reach an annual
production capacity capable of powering around one million electric
vehicles by the end of the decade, it said.
Umicore is in negotiations with several potential customers for
production contracts in North America, it said.
Wednesday's agreement is to finalize the support application of
the project under Canada's Strategic Innovation Fund.
The manufacturing plant, to be built in Ontario, will be wholly
powered by renewable energy, Umicore said.
Write to Pierre Bertrand at pierre.bertrand@wsj.com
(END) Dow Jones Newswires
July 13, 2022 11:26 ET (15:26 GMT)
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