July 10, 2023
Arbor Metals Corp. commends the Canadian government’s resolve to cement Canada’s status as a global frontrunner in the electric vehicle (EV) supply chain. Arbor acknowledges the recent strides made by the government to back the evolution of the EV industry in Canada, as covered by Reuters on July 5th, aligning the country on the path of enduring growth and accomplishment.
The article highlights the decision by Stellantis-LG Energy Solution (LGES) to resume construction of an electric-vehicle battery plant in Windsor, Ontario, following increased subsidies provided by the federal government and the province of Ontario. This significant development is expected to generate approximately 2,500 new job opportunities and form an annual production volume surpassing 45-gigawatt hours by 2024.
Arbor extends its appreciation to the Canadian government for accommodating the needs of Stellantis-LG Energy Solution by providing significant aid that competes favorably with what’s obtainable under the Inflation Reduction Act (IRA) in the United States. Canada exemplifies its dedication to nurturing a prosperous EV industry and creating a conducive landscape for corporations investing in green technology.
Industry Minister Francois-Philippe Champagne and Finance Minister Chrystia Freeland expressed their confidence in the agreement, stating, “This agreement is good for workers, and it is good for Canada. It will create and secure thousands of jobs – both in the auto sector and in related industries across Canada – and will further solidify Canada’s place as a leader in the global electric vehicle supply chain.”
The Canadian government’s commitment to becoming a world leader in the EV sector dovetails perfectly with Arbor’s strategic targets. The Corporation is confident that its Jarnet Lithium project in Quebec holds the potential to be a key lithium supplier to Canada’s surging EV industry. Given the construction of multiple large-scale battery plants in the country, it is apparent that lithium demand will see significant growth. Accordingly, Arbor’s board is intensively examining additional promising lithium projects to complement the potential of the Jarnet project and buttress the Canadian EV industry.
“We are excited about the prospects of our Jarnet Lithium project in Quebec and its ability to support the growing demand for lithium in Canada’s flourishing EV industry,” commented Mark Ferguson, CEO of Arbor. “The Canadian government’s commitment to developing the EV supply chain aligns perfectly with our strategic objectives.”
Arbor is dedicated to responsible resource development and is well-positioned to play a crucial role in supplying the necessary lithium to support the electrification of transportation and the transition to a sustainable future. The company’s focus on sustainable growth, innovation, and strategic partnerships will continue to drive its efforts in meeting the increasing demand for lithium in Canada’s EV industry.
Dr. Peter Born, P.Geo., is the designated qualified person as defined by National Instrument 43-101 and is responsible for, and has approved, the technical information contained in this release.
Source & Images:
Did you enjoy this article?