E-One Moli's New $1B Battery Plant - A Catalyst for Canada's EV Supply Chain

• Prime Minister Trudeau and Premier Eby announced $1B battery plant to be built in Maple Ridge, BC.
• The plant will produce up to 135 million lithium-ion batteries per year.
• The E-One Moli facility is expected to create 450 permanent jobs.
• Federal government contributing up to $204.5M, BC government up to $80M.
• Plant will make Canada a global clean-tech leader and reduce carbon emissions.

On November 14, 2023, Prime Minister Justin Trudeau and British Columbia Premier David Eby announced plans for a new $1 billion lithium-ion battery production facility to be built in Maple Ridge, BC. The E-One Moli plant, funded by the company along with federal and provincial government contributions, aims to strengthen Canada's position as a global leader in clean technology manufacturing.

Details of the Plant

The E-One Moli facility will be the largest battery factory in Canada, capable of producing up to 135 million high-performance lithium batteries per year. The batteries will be used in various products including vacuums, medical devices, power tools and gardening equipment. The plant is expected to create approximately 450 permanent manufacturing jobs, making E-One Moli the top private employer in Maple Ridge. Construction on the 1 million square foot facility is slated to begin in June 2024, with full operations targeted for 2028.

Government Funding

The total project cost is over $1 billion. The Government of British Columbia has committed up to $80 million in funding, while the Government of Canada will provide up to $204.5 million. The remaining capital will come from E-One Moli and private investors. The public funding aims to incentivize clean technology manufacturing and reduce carbon emissions. Premier Eby stated, "Every industry needs to find ways to reduce their carbon footprint to ensure they have a prosperous future."

Market Context

Global demand for lithium-ion batteries is surging, fueled by growth in electric vehicles and portable electronics. Currently, Asia dominates lithium-ion production. This new plant will help establish Canada as a competitive player in the North American battery supply chain. E-One Moli is a subsidiary of Taiwan Cement Corporation, based in Taiwan. The company already operates a smaller-scale battery plant in Maple Ridge, which has been in operation since 1990.

Prime Minister Trudeau remarked, "When we support projects like E-One Moli's new facility in Maple Ridge, we bolster Canada's role as a global clean-tech leader, create good jobs and help keep our air clean. This is the future we are building together."

E-One Moli Chairman Nelson Chang said, "We believe that human freedom is a chance for us to do good for others and appreciate life's fleeing nature, to leave a positive impact on the world."

The E-One Moli plant will be a boon for the local Maple Ridge economy and could make Canada home to a robust battery supply chain. However, some critics argue governments should not be subsidizing private corporations with taxpayer money.

"We believe that human freedom is a chance for us to do good for others and appreciate life's fleeing nature, to leave a positive impact on the world," remarked E-One Moli Chairman Nelson Chang.

Investment thesis bullet points:

• Battery plants key to EV growth - massive upside potential
• E-One Moli plant establishes Canada's role in the vital battery supply chain
• Generous government funding de-risks investment, ensures support
• Strategic location in BC close to ports, resources, and the auto industry
• Parent company TCC provides stability and lithium expertise
• Projected 450 high-paying jobs a major economic boost to Maple Ridge

The new E-One Moli battery plant represents a smart investment by both government and private capital to establish Canada as a player in the booming lithium-ion market. If executed successfully, the plant could create hundreds of jobs and help make Maple Ridge a hub for clean technology manufacturing. While government funding draws some criticism, the project has a significant upside in propelling Canada forward as a leader in sustainable battery production.