Innovation, Science and Economic Development Canada
The Federal and Provincial Governments are working together by investing $5 million in the First Cobalt Corporation. This venture will accelerate domestic production of battery-grade cobalt sulfate, a required element needed to produce long-range electric vehicles (EVs).
The announcement was made today by Terry Sheehan, Parliamentary Secretary to the Honourable Mélanie Joly, Minister of Economic Development and Official Languages and Minister responsible for FedNor and the Honourable Greg Rickford, Ontario’s Minister of Energy, Northern Development and Mines, and Minister of Indigenous Affairs.
The funding from the federal level is provided through FedNor’s Regional Economic Growth through Innovation program, which supports businesses at all stages of development, including start-up, scale-up and technology adoption.
In January 2021, the Ontario Government will launch a new and improved NOHFC program that will support more projects in rural northern communities and make it easier for more people and businesses to apply.
Targeting both existing and emerging market opportunities, provide more work opportunities for Indigenous people and address the skilled labour shortage in the north.
Northern Ontario has been hard hit by COVID-19 and today’s announcement demonstrates how two levels of government are working together to help families, communities and businesses to not just survive, but also thrive. It will help get Canadians back to work safely and ensure that Northern Ontario is well positioned to fully participate in Canada’s economic recovery.
This investment also helps advance the Canada-U.S. Joint Action Plan for Critical Minerals Collaboration, by strengthening the North American supply chain security for this critical battery mineral.