Quebec, Ottawa pledge $300 million to GM for Battery Component Plant in Quebec
• Quebec and Ottawa are providing $300 million in assistance to GM to build a battery components plant in Bécancour, Quebec.
The factory will manufacture cathode materials, a key component of the lithium-ion batteries used in electric cars. Some 200 jobs are expected to be created when the facility opens in 2025, not counting all the construction-related jobs. Premier Legault’s government is providing the companies with $152 million as a loan, but most of that loan will be forgiven; GM will not have to repay $132 million of the amount if it maintains the jobs created for 10 years.
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Canada, Quebec to provide about C$300 mln for GM-POSCO battery materials facilityCanada's federal government and the Quebec province will each provide about C$150 million ($112 million) for a General Motors-POSCO Chemical battery materials facility that is expected create about 200 jobs in the country, the Canadian industry ministry said on Monday.
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