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Headline : Company halts construction of $2.7B battery project in eastern Ontario

Read more from the original article on here at www.cbc.ca.





Tags : #company #halts #construction #27b #battery #project #eastern #ontario


No. of Paragraph 27

After breaking ground in 2023, the company building a plant to produce battery components for electric vehicles in a municipality near Kingston, Ont., says it's delaying construction of the plant citing a slowdown in EV sales.

In a statement to CBC News, Umicore Rechargeable Battery Materials Inc. said Friday that its project in Loyalist Township is impacted by the "significant worsening of the EV market context and the impacts this has on the entire supply chain." 

The project carried a total price tag of up to $2.76 billion and was projected to create 600 jobs in the region back in 2023. According to a news release at the time from Innovation, Science and Economic Development Canada, the federal government was slated to invest up to $551.3 million. 

The province was to pay up to $424.6 million, but a source familiar with the project said that as of Friday, no provincial money has flowed to Umicore.

Read more from the original article on here at www.cbc.ca.


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