Umicore halts construction of $2.7B EV battery materials plant in Ontario

Umicore Groundbreaking — The federal and provincial governments pledged just short of $1 billion in funding to the Kingston-area plant. The future of the government funding was not immediately clear. (UMICORE\/X)

July 26, 2024 12:18 PM

Umicore has slammed the brakes on its $2.76-billion battery materials plant in Eastern Ontario as it continues an ongoing review of its business amid “substantially” scaled-back expectations for the electric-vehicle market.

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