With an eye to capitalizing on growing electric vehicle and battery markets, the federal government has committed more than $30 billion in subsidies to convince companies like Honda Motor Co. , Stellantis NV and Volkswagen to locate new EV and battery manufacturing plants in Ontario and Quebec.
That was when just one gigafactory—the Stellantis NV and LG Energy Solution joint venture in Windsor, Ontario—had been announced. The federal and Ontario governments committed $15 billion in subsidies for the project. “If you look at most of the government-funded initiatives like this over the last 25 or 30 years, at the very best they’ve come to a point of zero, and in most cases they’ve never recovered their investment,” said Brent Perry, the Vancouver business leader who founded two marine battery companies—Corvus Energy and Shift Clean Energy—and who now heads Net Zero Renewable Solutions.
Vancouver’s Damon Motors, which is in pre-production for the electric motorcycles that it designed, is poised to go public soon on the Nasdaq through a reverse merger with a subsidiary of Inpixon . At some point, he said he would like to see some manufacturing and assembling done in Vancouver or elsewhere in Canada. He noted there is a 25-per-cent trade tariff to ship electric motorcycles to Europe from the U.S.
United States United States Latest News, United States United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Liberals introduce plan to assess major energy projects in less than five years&8220;The race is on to build some big projects and secure our energy future,&8221; said Labour Minister Seamus O&8217;Regan. &8220;We need to build more mines, we need to build more dams, we need to build more nuclear, we need to build more solar, and we need to build more wind farms.
Source: iPoliticsCA - 🏆 36. / 63 Read more »