The move comes after the federal and Ontario governments announced investing nearly $ 1 billion in an EV battery component plant in eastern Ontario.

Prime Minister Justin Trudeau and B.C. Premier David Eby have announced a subsidy exceeding $1 billion for a British Columbia energy company specializing in lithium-ion battery production.

In a Nov. 14 statement, the B.C. government detailed a $1.05 billion investment, with $970 million from the federal government and an additional $80 million from the province for E-One Moli Energy Corp. Based in Maple Ridge, roughly 50 kilometres east of Vancouver, the company specializes in rechargeable lithium-ion cells and fast-charging solutions for electric vehicles.

The funds are earmarked for creating a new facility for the company, anticipated to be the first in Western Canada for developing high-performance lithium-ion battery cells. As part of the electrification plan, E-One Moli will be switching some of its plants from natural gas to electricity, the statement said.