Canada Advances Battery Innovation with Made-in-Canada Technology
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Canada Advances Battery Innovation with Made-in-Canada Technology
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Honourable Tim Hodgson, Minister of Energy and Natural Resources, announced an investment of over $22 million in support of eight projects to accelerate battery innovation and production capacity across Canada. By powering electric vehicles and making it easier to incorporate renewable energy into our grids, batteries play an important role in the ongoing transition to a prosperous, affordable, low-carbon economy. To stay on track to get to net-zero emissions by 2050, the global cumulative battery demand from 2022 to 2050 is set to increase nearly 150-fold, providing an opportunity for Canada to seize. Today’s investments support key priorities in Canadian battery innovation, including:
- Enhancing battery performance and reducing costs for more reliable, affordable energy storage across key sectors such as transportation, utilities and industry;
- Strengthening the security and increasing the competitiveness of Canada’s battery supply chains while reducing environmental impacts; and,
- Supporting the development and scale-up of new technologies that grow Canada’s economy and promote energy sovereignty.
The Trump administration is seeking a 10% stake in Lithium Americas as it aims to intervene in industries deemed critical to national security. Lithium Americas has agreed to negotiate a stake of less than 10% while also renegotiating a $2.26 billion loan from the Department of Energy. Stock for Lithium Americas surged nearly 99% in one day following the news, reaching a high of $6.25 per share. The company is developing the Thacker Pass lithium project in Nevada, which is expected to produce 40,000 tons per year of battery-quality lithium carbonate.
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