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Saturday, Dec 2, 2023
Mugglehead Magazine
Alternative investment news based in Vancouver, B.C.

Alternative Energy

Metro Vancouver will host the largest lithium-ion battery cell plant in Canada

The plant will cost around C$1 billion and will be built by a Taiwanese company in 2024

Canada's Prime Minister Justin Trudeau and B.C. Premier David Eby tour the E-One Moli lithium
Trudeau, along with B.C. Premier David Eby, announced financial support from the federal and provincial governments for the E-One Moli lithium-ion battery cell production plant. Photo by Darryl DIck via The Canadian Press.

The city of Maple Ridge in Metro Vancouver will host what is set to become the largest factory in Canada for high-performance lithium-ion battery cells. The facility is expected to produce up to 135 million battery cells per year.

Last Tuesday, Prime Minister Justin Trudeau, British Columbia Premier David Eby and the Mayor of Maple Ridge Dan Ruimy announced the $1 billion facility. It will be built by the Taiwanese battery cell manufacturer E-One Moli Energy, owned by Taiwan Cement Group.

The federal government will contribute around C$204.5 million through the Net Zero Accelerator Initiative, which aims to support companies in reaching their greenhouse gas emission targets. British Columbia will contribute C$80 million to the construction of the facility.

E-One Moli Energy (Canada) Ltd. will oversee the construction of the new manufacturing facility, set to begin in June 2024 and be fully operational by 2028.

“The new E-One Moli advanced manufacturing plant will create hundreds of good, local jobs and continue to establish British Columbia as a leader in building a clean energy future,” British Columbia Premier David Eby said.

Read more: Northvolt set to build lithium-ion battery factory in Quebec for $7B

Read more: Lithium-ion battery market set to reach $18.8B by 2032: Allied Market Research

Trudeau should stop giving “buckets of cash” to foreign companies, Canadian Taxpayers Federation

While the plant is set to create jobs and boost Canada towards a green energy shift, the Canadian Taxpayers Federation is calling on both –provincial and federal– governments to drop the multimillion-dollar handout.

“Taxpayers are struggling and our governments shouldn’t be choosing to help corporations instead of ordinary Canadians,” said Carson Binda, British Columbia Director of the CTF.

“Prime Minister Justin Trudeau’s latest corporate giveaway will cost taxpayers hundreds of thousands of dollars per job.”

CTF Federal Director Franco Terrazzano said that in the past few months alone, Trudeau has given “buckets of cash” to corporations like Volkswagen Group, Stellantis (NYSE: STLA), the Ford Motor Co. (NYSE: F), Northvolt, Umicore and now E-One Moli.

“Instead of raising taxes on ordinary Canadians and handing out corporate welfare, governments should be cutting red tape and taxes to grow the economy.”

In a report by the Office of the Parliamentary Budget Officer, it was shown that the handouts to other battery manufacturers won’t break even for decades.

“The break-even timeline for the $28.2 billion in production subsidies announced for Stellantis-LGES and Volkswagen is estimated to be 20 years, significantly longer than the government’s estimate of a payback within five years,” the report reads.

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