In April, the Government of Canada released Budget 2022 which substantially builds on commitments to clean tech and the development of a comprehensive plan to localize the battery supply chain and attract investment. In advance of Budget 2022, through meetings and written submissions, Nano One provided suggestions on how Canada can encourage innovation that will drive investment, create jobs, reduce emissions and give North America energy security as we create a responsible battery supply chain. Our voice, along with others in our sector, were listened to and as a result, the Government has introduced revamped and new programs that will have a lasting impact on Nano One. This Budget creates new potential sources of support for our scale-up to commercialization as well as R&D. Beneficial Tax measures are being introduced that will be helpful directly to Nano One and more broadly support Canada’s effort to attract large anchor projects to fuel innovation and localization of a battery sector.
Key Highlights Include:
- $3.8 billion to implement Canada’s first Critical Minerals Strategy to capitalize on a growing need for the minerals used in everything from phones to electric cars
- Establish an investment tax credit of up to 30 percent focused on clean tech
- Establish the Canada Growth Fund. $15 billion over five years to attract investment
- $1.5 billion in new funding to the Strategic Innovation Fund (SIF) for critical minerals projects with a prioritization given to manufacturing, processing and recycling applications
- $150 million to new programs that support R&D and deployment of technologies and materials to support critical mineral value chains
- $750 million to support Superclusters, now called Global Innovation Clusters, that in part will help fund the battery supply chain in part through fostering world-leading advanced manufacturing