SK On in connection with an $1.2 billion investment with Ford and EcoPro BM in the Province of Québec

On August 17, 2023, SK On, EcoPro BM, and Ford announced an investment of $1.2 billion to build a cathode active materials (CAM) manufacturing facility that will provide materials for the supply of batteries for Ford’s future electric vehicles (EVs). This new facility represents the parties’ first investment in the Province of Québec, which is part of Ford’s plan to localize key raw battery material processing in regions where it produces EVs. The production is expected to begin in 2026 and the facility is expected to have the capacity to produce up to 45,000 tonnes of CAM per year.

EcoPro CAM Canada LP will manufacture cathode active materials and, more precisely, high quality Nickel Cobalt Manganese (NCM) for rechargeable batteries that are targeting greater performance levels and improved EV range compared to existing products, thanks in part to EcoPro’s core shell gradient (CSG) technology.

Support from both the federal and provincial governments was vital to securing this joint investment for Canada and Québec.

SK On, is a leading electric vehicle battery developer that has been engaged in the active enhancement and development of its supply chain of key battery materials in regions with a high demand for electric vehicles, including North America.

EcoPro BM is focused on the development and production of secondary battery materials including CAM.

Ford Motor Company of Canada, Limited was founded in 1904 with the function of manufacturing and selling Ford automobiles in Canada.

Osler, Hoskin & Harcourt LLP advised SK On with a team consisting of Shahir Guindi, Hugo-Pierre Gagnon, Marisa Corona, Joshua Blatt (Corporate), Michael Fekete, Mike Jankowski (Technology), Manon Thivierge (Tax), Jennifer Fairfax (Environmental), and Yan Besner (Real Estate).