INFRASTRUCTURE

Canada to accelerate EV minerals strategy

Reuters reports that government plans $2 billion boost for sector

 Canada aims to become global leader in EV battery supply chain

Canada aims to become global leader in EV battery supply chain

The Canadian government will invest US$2 billion (C$1.6 billion) in a national strategy to produce and process critical minerals for the electric vehicle battery supply chain, according to sources cited by Reuters.

The investment will be made as part of the government's budget, to be released on 7 April 2022.

According to Reuters, the investment will be designed to significantly accelerate the extraction and processing of critical minerals; the news outlet also speculated that the investment could be spread over more than one year.

The news follows an announcement from the Canadian government in March 2022 that it received $4.1 billion (C$5 billion) in funding from LG Energy Solution, a battery manufacturing company, and automaker Stellantis to build a manufacturing facility in Windsor, Ontario.

The Canadian government is pursuing a strategy of becoming a global leader in the EV manufacturing supply chain as global demand continues to increase amid the energy transition.

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