Grants and Contributions:

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Title:

Project Connect

Agreement Number:

514759

Agreement Value:

$700,000,000.00

Agreement Date:

May 5, 2023 - Mar 31, 2041

Description:

This project will create a greenfield net-zero manufacturing facility in St. Thomas, ON. The plant will produce lithium-ion battery cells for up to one million Electric Vehicles (EV) per year.

Organization:

Innovation, Science and Economic Development Canada

Expected Results:

The investment will allow the company to construct a new battery cell manufacturing facility in rural Ontario which is on track to become a powerhouse in the emerging electric vehicle (EV) space. This significant step will build a clean transportation sector to meet global demand for zero-emission vehicles and spur economic growth by anchoring a large investment attraction in Canada.

Location:

St. Thomas, Ontario, CA N5P1E2

Reference Number:

033-2023-2024-Q1-514759

Agreement Type:

Contribution

Report Type:

Grants and Contributions

Recipient Business Number:

000000000

Recipient Type:

For-profit organization

Additional Information:

The amendment has been completed to change the recipient's legal name from "1000511515 Ontario Inc".to "PowerCo Canada Inc.". This is a non-repayable contribution

Amendment Date

Aug 19, 2024

Recipient's Operating Name:

PowerCo

Recipient's Legal Name:

PowerCo Canada Inc.

Federal Riding Name:

Elgin--Middlesex--London

Federal Riding Number:

35025

Program:

SIF Stream3- Attraction

Program Purpose:

-Encourage R&D that will accelerate technology transfer and commercialization of innovative products, processes and services;-Facilitate the growth and expansion of firms in Canada;-Attract and retain large scale investments to Canada; and-Advance industrial research, development and technology demonstration through collaboration between academia, non-profit organizations and the private sector.

NAICS Code:

339900

Amendments:

See Amendments