OTTAWA, Oct 16 (Reuters) - Canada and the province of Ontario will give up to C$1 billion to a unit of Belgium's Umicore (UMI.BR) to help it build a plant that will produce components for electric vehicle batteries, Ottawa said on Monday.
The plant - the first of its kind in North America - will initially employ 600 people and have a battery materials production capacity of 35 gigawatt hours annually.
Canada, home to a large mining sector for minerals such as lithium, nickel and cobalt, wants to woo firms involved in all levels of the electric vehicle (EV) supply chain via a multibillion-dollar green technology.
The Umicore plant is due to be built in stages and could be worth C$2.7 billion when fully completed.
Canada will invest up to C$551.3 billion with Ontario adding up to C$424.6 billion.
Persons:
Francois, Philippe Champagne, Champagne, David Ljunggren, David Gregorio Our
Organizations:
OTTAWA, Thomson
Locations:
Canada, Ontario, Ottawa, Loyalist Township, North America