Contribution: SIF Stream3- Attraction
PowerCo Canada Inc.
$700,000,000.00
Project Connect
FY 2023-24 · 2023-05-05
Summary
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.
Program
SIF Stream3- Attraction
Recipient
Location
St. Thomas, Ontario, Canada
Recipient Type
For-profit organization
Type
Contribution
Source
Proactive Disclosure - Grants and Contributions
Amendments
Each version of the agreement as published, oldest first, with its total as of that version. The amount above is the latest.
| Amendment | Date | Fiscal Year | Total |
|---|---|---|---|
| 0 | 2023-04-01 | 2023-24 | $700,000,000.00 |
| 1 | 2023-05-05 | 2023-24 | $700,000,000.00 |
As published
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
Additional Information (French)
L'amendement a été effectué pour changer le nom légal du bénéficiaire de « 1000511515 Ontario Inc. » à « PowerCo Canada Inc. ». Il s'agit d'une contribution non remboursable
Agreement End Date
2041-03-31
Agreement Number
514759
Agreement Start Date
2023-05-05
Agreement Title
Project Connect
Agreement Title (French)
Project Connect
Agreement Type
Contribution
Agreement Value
$700,000,000.00
Amendment Date
2024-08-19
Amendment Number
1
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.
Description (French)
Ce projet créera une nouvelle installation de fabrication neutre en carbone à St. Thomas, ON, dédiée à la fabrication de cellules de batterie au lithium-ion pour les véhicules électriques (VE) par an.
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.
Expected Results (French)
L'investissement permettra à l'entreprise de construire une nouvelle usine de fabrication de cellules de batterie dans la région rurale de l'Ontario ; Contribuant au PIB du Canada et générant un impact fiscal positif de plusieurs milliards de dollars.
Federal Riding
Elgin--Middlesex--London
Federal Riding (French)
Elgin--Middlesex--London
Federal Riding Number
35025
NAICS Code
339900
Organization Code
ic
Organization
Innovation, Science and Economic Development Canada | Innovation, Sciences et Développement économique Canada
Program Name
SIF Stream3- Attraction
Program Name (French)
FIS Volet3- 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.
Program Purpose (French)
-favoriser les activités de R-D qui accéléreront le transfert de la technologie et la commercialisation de produits, de processus et de services novateurs ;-faciliter la croissance et l'expansion des entreprises au Canada ;-attirer et conserver des investissements de grande envergure au Canada ; et-faire progresser la recherche industrielle, le développement et la démonstration de technologies grâce à la collaboration entre les universitaires, les organisations à but non lucratif et le secteur privé.
Recipient Business Number
000000000
Recipient City
St. Thomas
Recipient Country
CA
Recipient Legal Name
PowerCo Canada Inc.
Recipient Operating Name
PowerCo
Recipient Postal Code
N5P1E2
Recipient Province or Territory
ON
Recipient Type
F
Reference Number
033-2023-2024-Q1-514759
