Canada Economic Development

Canada Economic Development

April 02, 2012 15:00 ET

Government of Canada Lends Financial Support to Phostech Lithium Inc.

CANDIAC, QUEBEC--(Marketwire - April 2, 2012) - The Honourable Denis Lebel, Minister of Transport, Infrastructure and Communities and Minister of the Economic Development Agency of Canada for the Regions of Quebec, announces that Phostech Lithium Inc. received financial assistance for its new manufacturing plant.

"In supporting Phostech Lithium Inc., the Government of Canada has again shown proof of its firm commitment to promoting economic growth centred, most particularly, on innovation," says Minister Lebel.

Founded by a group of Université de Montréal researchers, Phostech Lithium specializes in the manufacture of lithium iron phosphate (LiFePO4), a cathode material used in the production of lithium-ion batteries for numerous applications, notably in the electric vehicle sector. These funds from the Government of Canada enabled the company to acquire specialized equipment and cover certain installation costs in its new plant, which is now in full operation.

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This financial assistance, granted in the form of a $1,000,000 repayable contribution, was awarded through Canada Economic Development's Business and Regional Growth program.

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