Global materials company Umicore has suspended construction of a $2.76 billion battery materials plant in eastern Ontario, citing scaled-back expectations for growth in the electric vehicle market as its reason for the decision.
The facility, which was set to produce cathode active materials and precursor cathode active materials, had extensive government support. The federal government committed $551.3 million while the Ontario government would contribute $424.6 million in funding support.
The plant was expected to begin production in 2026 and was anticipated to create around 600 jobs. Umicore will conduct a strategic review of its battery materials and will provide an update early next year.
