Arab Canada News
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Published: July 27, 2024
Umicore announced that it has halted spending on a $2.76 billion battery materials plant in Eastern Ontario.
The global materials company says it made this decision due to declining growth forecasts in the electric vehicle market.
Last October, the federal government pledged to allocate $551.3 million for the project, and the Ontario government said it would spend up to $424.6 million in capital costs.
The plant was set to produce active cathode materials and primary active cathode materials.
Umicore says it is conducting a strategic review of its battery materials and will provide an update in the first quarter of next year.
The company had previously expected the plant to begin production in 2026 and to create about 600 jobs.
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