Critical Minerals Strategy will benefit electric vehicle battery manufacturing plant
On the heels of the provincial government’s recently announced Critical Minerals Strategy, LG Energy Solution and automaker Stellantis announced they are joining forces to build Ontario’s first large-scale electric vehicle (EV) battery manufacturing plant with the support of the provincial, federal and municipal governments.
In conjunction with the provincial government’s recently announced Critical Minerals Strategy, a first-ever five year roadmap unleashing the North’s mineral potential, Ontario is on a path to becoming one of the most vertically integrated automotive jurisdictions in the emerging North American EV market.
“Our government’s commitment to bringing back the auto sector for the future of electric vehicles manufacturing is about more than assembling vehicles,” said Greg Rickford, MPP for Kenora-Rainy River. “For the first time, through the Critical Minerals Strategy and Driving Prosperity plan, our government is linking the mineral wealth in the North with our world-class manufacturing sector in the South. From exploration to engines – we are building out the entire supply chain right here that benefits the entire province.”
The joint venture between LG Energy Solution, Ltd. (LGES) and Stellantis N.V. will invest more than CDN $5 billion (USD $4.1 billion) to build a facility in southwestern Ontario to manufacture batteries for EVs in Canada, representing the largest automotive manufacturing investment in the history of the province.
Ontario’s renowned supply of critical minerals, top-quality manufacturing talent, and clean and competitive electricity ensures that everyone in Ontario benefits from the critical mineral and auto sector’s long-term growth and success.