How Invest in Canada facilitates global investment in EV battery industry
The future promise of electric vehicles (EV) is close to becoming a present reality right here in Canada. In March 2022, LG Energy Solution of Korea and Stellantis N.V. announced plans to invest more than $5 billion in the first large-scale, domestic EV battery manufacturing facility in Windsor, Ontario. When it begins operating in 2024, it will produce leading edge lithium-ion batteries to meet much of Stellantis’ EV production in North America. An estimated 2,500 jobs in the Windsor-Essex region will be created, bringing jobs and prosperity to the region and the country.
Invest in Canada: finding the best to invest
Canada has been ready for years for this kind of acceleration in the EV industry. An investment of this size and scale required a true Team Canada approach among all levels of government and industry stakeholders. Invest in Canada had a guiding hand on this investment from the outset, fulfilling its mandate to promote, accelerate and facilitate business expansion decisions for global companies into Canada.
In 2021, Invest in Canada reached out to companies that would be candidates for EV battery manufacturing investments. As a result of these contacts, LG Energy Solution, a leading battery manufacturer with a global network and a 23% share of the global EV battery market, took notice of the opportunity available in the Canadian market.
From there, Invest in Canada guided LG Energy Solution from initial interest through to the March announcement, including the collaborations involving all three levels of government. An investment of this size and scale with numerous partners is complex, but it demonstrates how Invest in Canada works directly with global investors to unlock investment opportunities and facilitate their expansion plans.
This investment really is a milestone for Canada. This is the largest investment in battery technology or manufacturing ever in Canada, and one of the largest single investments in Canada’s auto manufacturing sector. The investment also sets Canada well on the road to becoming the only country in the Western hemisphere with a true start-to-finish supply chain. As companies shift to EV production and market demand surges around the world, Canada will be at the forefront of the biggest change in transformation since the internal combustion engine became dominant more than a century ago. The benefits go beyond good-paying jobs and prosperity. It will also help Canada reduce global greenhouse gas emissions. And it will bring innovation and knowledge to Canada as the EV revolution gathers speed.
Our role at Invest in Canada remains the same, to bring a unique national perspective among the many stakeholders working to attract FDI, and to find the best to invest.
Learn more about how we’re attracting investment and how it benefits Canadians.