The governments of Quebec and Canada are announcing $300 million in funding for a factory that will make components for electric vehicle batteries in Bécancour, Que., located about halfway between Montreal and Quebec City.
The $600-million factory, a joint project between automaker General Motors and South Korean industrial materials maker POSCO Future M, was first announced by the companies last year.
The factory will manufacture cathode-active materials, a key component of lithium-ion batteries found in electric cars, and is expected to employ around 200 people when it opens in 2025.
Quebec Premier François Legault told reporters in Bécancour that his government is lending the companies $152 million and that $132 million will be forgiven if the factory maintains those jobs for 10 years….