Ontario, feds give $1B toward Umicore's $2.1B battery materials plant

Umicore broke ground Oct. 16 on Canada’s latest battery materials plant in Kingston, Ont., locking in upsized plans for a site that will produce cathode active material for electric vehicle batteries.

At the time, Umicore estimated it would spend $1.5 billion on the plant, but the company said Monday that its investment in Eastern Ontario will total at least $2.1 billion. A second-stage expansion at the industrial site could eventually bring the cost to $2.76 billion. “Their readiness to co-fund our investment coupled with the announcement of our first customer contract for the Loyalist plant mean we can forge ahead with the construction,” he said in a release.In its first phase, the plant will have capacity to produce 35 GWh of cathode active material annually. It will also produce precursor material, or PCAM, an intermediary blend of lithium, nickel, manganese and cobalt ready to be converted into CAM.

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