Canada committed $27 million to E3 Lithium’s $87 million project for the construction of a demonstration plant specializing in Lithium production, the country’s Department of Innovation, Science, and Economic Development announced today.
The $27 million contribution will help accelerate Canada’s efforts to create jobs, reduce greenhouse gas emissions, and achieve net zero carbon emissions by 2050.
Today, the Honourable François-Philippe Champagne, Minister of Innovation, Science, and Industry and Member of Parliament for Calgary Skyview, George Chahal, announced the $27 million contribution. It is made possible through the Strategic Innovation Fund’s Net Zero Accelerator initiative.
The $27 million will help get E3’s lithium production plant up and running. The facility will eventually produce up to 20,000 tonnes of battery-grade lithium and will enable E3 to develop a long-term source of lithium supply for EV production in North America.
“Canada has everything it needs to build the EVs and batteries that consumers are demanding, and Alberta is key to building that ecosystem and accelerating the low-carbon economy,” the Honorable François-Philippe Champagne said. “E3 Lithium’s groundbreaking technology will play an important role in providing large quantities of battery-grade lithium to the auto industry while also creating high-quality jobs for Canadians. This project will help position Canada as a world leader in batteries and will strengthen the critical minerals sector in the Calgary region.”
Strategic Innovation Fund’s Net Zero Accelerator
Canada’s Strategic Innovation Fund’s Net Zero Accelerator will provide up to $8 billion to support large-scale investments in crucial industrial sectors across the country to remain a net-zero economy and reduce greenhouse gases. The fund has three main pillars: decarbonization of large emitters, industrial transformation, and clean technology and battery ecosystem development.
Any company can apply for funding through the Government of Canada’s website.
Lithium Development in North America
Lithium demand is projected to increase by 500 percent by 2050 due to growing domestic battery manufacturing and the development of electric vehicles.
With an influx of EV-related projects, including vehicle production and battery manufacturing, materials demand is at an all-time high, inciting experts to demand domestic material acquisition.
According to the Institute for Energy Research, North America’s lithium mines are on par with China’s in terms of dominance in the EV battery chain. The United States has 3 percent of the world’s lithium reserves, while Quebec, Canada, is set to have a mine owned by Sayona Mining scheduled to open early next year.
While not currently producing lithium, Canada has roughly 2.5 percent of the world’s known lithium deposits.
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