Without batteries, there are no electric vehicles. And without vital components of the supply chain—mining, production of cathodes and anodes, battery manufacturing, and used-battery recycling—EV batteries could not be produced at scale. With direct access to growing markets in the US and Europe and with global OEMs committed to manufacturing EVs in Canada, opportunity for investment in Canada resides in all segments of the supply chain. Global investors take note: the most profitable route to a net-zero future begins and ends with Canada’s truly circular, sustainable EV battery supply chain.
Canada has one of the richest endowments in the world for the cathode and the anode materials that you need for batteries. So, in a growing EV market, it would only make sense that you would want to set up that supply chain around the place where the materials are mined.
Companies in Canada powering the electric vehicle revolution
Canada is the place to invest in batteries to meet massive new demand for EVs and help the world achieve a net-zero future.
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Investing in EV Batteries in Canada
EVs are all about renewable energy. So it makes sense to locate EV battery operations in Canada–a place that offers outstanding renewable energy advantages.
Canada is the world’s third largest producer of hydroelectricity and gets 67% of its electricity from renewable sources. Not only is renewable energy plentiful, but electricity is also affordable. The province of Quebec has some of the lowest utility costs in North America, with industrial users paying only 3.3 cents per kilowatt hour (c/kWh). The provinces of Manitoba and British Columbia offer utility costs of 3.76 c/kWh and 5.67 c/kWh, respectively.
Canada’s total renewable energy production
|Renewable municipal waste and landfill gas||0.8%|
Part of the federal government’s Strategic Innovation Fund, the Net Zero Accelerator fund allocates $8 billion over 7 years to expedite decarbonization projects with large emitters, scale-up clean technology and accelerate Canada's industrial transformation. Additional support for innovative projects across all sectors includes $1 billion, on a cash basis, to support private sector investment in cleantech projects.
The Scientific Research and Experimental Development (SR&ED) program provides income-tax credits and refunds for expenditures on eligible R&D activity in Canada.
Canada offers progressive tax incentives with the Accelerated Capital Cost Allowance for businesses to write off 100% of the cost of machinery and equipment used for the manufacturing, processing of goods and production of renewable energy.