According to Ottawa, a unit of South Korea's Solus Advanced Materials will build a copper foil facility in the Canadian province of Quebec, producing technology for electric vehicle (EV) batteries. The Volta Energy Solutions project in Granby is valued at C$700 million (US$514.37 million) and is expected to reach full production capacity in 2026, according to an email from a spokesperson for federal Innovation Minister Francois-Philippe Champagne.

Copper foil is used as an anode collector in the production of lithium-ion batteries for EVs.

As the world seeks to reduce carbon emissions, Canada, which has a large mining sector for minerals such as lithium, nickel, and cobalt, wants to woo firms involved in all levels of the EV supply chain through a multibillion-dollar green technology fund.

"Canada is a partner of choice when it comes to the future of the automotive sector," Champagne said in a statement. The federal Liberal government has promised Canada will reach overall net-zero emissions by 2050.

The Volta plant will employ approximately 260 people. Granby is near Becancour, a small town east of Montreal that wants to become an EV supply chain hub.

"More projects of this type are also on the horizon, solidifying our position as North America's green economy leader," Quebec Premier Francois Legault said in a statement.

Both the federal and provincial governments are collaborating with Volta, but no details on how much money they will invest were immediately available.

Last month, a consortium of Ford Motor Co FN and South Korean companies announced plans to build a C$1.2 billion plant in Becancour to produce EV battery materials.