2023-08-17 15:04:05
The federal and provincial governments are investing $644 million for the construction of a new Ford plant that will produce the materials needed for the batteries of its electric vehicles in Mauricie.
The construction work of the cathode plant requires total investments of 1.2 billion dollars, half of which comes from public funds.
Ottawa is granting $322 million to the American multinational through the Strategic Innovation Fund. Investissement Québec will invest the other half.
The announcement was officially made in Bécancour on Thursday morning. It was a very proud François Legault who spoke.
We come today to demonstrate […] that we are now able to attract big players, like Ford. And for me, it is a great pride. It confirms that Quebec is really positioning itself as a world leader in the green economy.
It is not too strong to say these words, added the Prime Minister, in front of a series of politicians from all levels of government, as well as dignitaries and business leaders, particularly from the United States, but also from South Korea.
Ford has in fact joined forces with two Korean companies EcoProBM and SK On in this project which should create 345 jobs. The Premier said he hopes that these jobs will allow young Quebecers to meet major professional challenges without having to go into exile outside the province.
Key factories
The plant will open in 2026. Its production will be destined for Ford’s automotive assembly plants in Canada and the United States.
We will have factories that will be key to all the other factories in North America, proudly launches the Minister of Innovation, Science and Industry of Canada, François-Philippe Champagne.
We are right in the heart of the vehicle of tomorrow […] There will be a bit of us in there.
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The construction site of the GM-POSCO plant took shape a few weeks ago.
Photo: Radio-Canada / Jean-Francois Fortier
These investments are in line with Ottawa and Quebec City’s desire to create an energy transition valley in Mauricie.
Ford is not the first player in the industry to choose the site. GM was the first manufacturer to announce its intention to set up shop there and will open Canada’s first battery cathode plant there in 2025.
Imagine the ecosystem we are creating. I often say jokingly: when we talk about Bécancour in Tokyo or Seoul, it’s because things are going pretty well, adds François-Philippe Champagne.
What is a battery cathode?
The electricity produced by a battery is created from the circulation of electrons between two poles: the anode and the cathode. The cathode is the electrical transmission link between the battery and the motor. It represents 65% of the value of a battery.
For the federal government, although this is not the same level of investment as the $13 billion agreement concluded with the German manufacturer Volkswagen for the establishment of a battery factory in Ontario, this announcement follows the same strategy.
The government does not hesitate to loosen the purse strings so that these multinationals set up in Canada rather than on the other side of the border, and thus try to compete with the United States, which is making massive investments across the US Inflation Reduction Act (IRA).
With the collaboration of Marie Chabot-Johnson
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