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Summary
- The federal and Quebec governments would be providing a C$ 100 million financial for an up-and-coming battery plant in the province.
- The battery production unit and innovation center is being constructed by Lion Electric Company.
- PM Trudeau said in his address that his government considers it a “priority” to support Canada’s manufacturing sector and projects that boost the EV industry.
Prime Minister Justin Trudeau, along with Premier Francois Legault, announced on Monday, March 15, that the federal and Quebec governments would be providing a C$ 100 million financial for an up-and-coming battery plant in the province.
The battery production unit and innovation center is being constructed by Lion Electric Company, the Canadian electric vehicle (EV) manufacturer also said on Monday.
So, What is Lion Electric Company’s plan? Let’s find out.
Lion Electric Company’s Battery Manufacturing Plant – Key Insight
PM Trudeau said in his address that his government considers it a “priority” to support Canada’s manufacturing sector and projects that boost the EV industry.
The federal and Quebec governments will each give C$ 50 million to support the project. Lion Electric itself is expected to put in about C$ 85 million for the construction of the battery pack assembly factory Quebec’s in St Jerome.
©Kalkine Group 2021
The plant, which is scheduled to be complete and running by year 2023, is expected to create about 135 jobs.
Lion Electric said that the new plant will help it cut costs in regard to battery manufacture and give it more control over battery designs.
Lion Electric’s IPO
The Montreal-based electric vehicle company revealed plans to get publicly listed back in December last year. Lion Electric Company is expected to go public via a reverse merger with blank check company Northern Genesis Acquisition (NYSE:NGA, NGA:US) by the end of the first three months of 2021.
©Kalkine Group 2020
As per reports, the merger will reel in a net cash of US$ 500 million for the EV maker. Once combined, the new public firm will trade on the New York Stock Exchange (NYSE) under the ticker ‘LEV’.
Following the announcement about Lion Electric’s battery plant construction, Northern Genesis stocks shot up by nearly 16 per cent on Monday (12.08AM EST).