News release
London Economic Development Corporation (LEDC) to receive a $300,000 Government of Canada investment to attract investment and support 120 companies, organizations and R&D establishment in the London Region
July 12, 2023 – London, ON
The auto industry in Ontario is a pillar of Canada’s economy and keeps thousands of workers in their jobs. As we move toward more sustainable solutions, southern Ontario has emerged as a prominent hub for automotive manufacturing and innovation, specifically in the electric vehicle sector. The Government of Canada is committed to supporting our manufacturers as they adopt greener processes and technologies, increase their production capabilities, and create good jobs for Canadians.
Today, the Honourable Filomena Tassi, Minister responsible for the Federal Economic Development Agency for Southern Ontario (FedDev Ontario), along with Peter Fragiskatos, Member of Parliament for London North Centre, announced a $300,000 FedDev Ontario investment for a pilot project for the London Economic Development Corporation (LEDC) to support the long-term growth of the EV sector in the London Region.
London and its surrounding communities are at the forefront of this exciting new chapter for southern Ontario’s automotive sector. The shift towards electric vehicle and battery manufacturing is opening up many new opportunities for existing suppliers in the region to meet the demand for parts and technologies that are essential for the production of EVs. They are also demonstrating to foreign businesses that southern Ontario is the destination to support the expansion of the automotive industry.
To fully seize this opportunity, LEDC will use the Government of Canada’s investment to expand its collaboration with Volkswagen (VW)’s suppliers in Germany and Spain. This will connect the supply chains of three of VW’s most prominent global battery manufacturing hubs. Through this strategic alliance, it is expected that up to 120 companies and organizations will be able to join VW’s global supply chains for battery manufacturing. This will ensure that Canadian companies have the opportunity to contribute to this growing and important market. In addition, up to 25 new partnerships will be developed to attract additional investments from European suppliers into the region’s EV sector.
Today’s investment is supporting innovation and modernization of our manufacturing sector, which will help grow our economy, create good jobs, and fight climate change. We are committed to making your lives easier, your jobs better, and your community stronger.
Quotes
"The London Economic Development Corporation is forming the important partnerships that will empower 120 companies to integrate into Volkswagen’s global supply chain and make sure Canada is at the forefront of EV innovation and production. Strategic investments, like the one made today, are propelling our nation towards a thriving future in the electric vehicle sector, while also creating good local jobs and developing new capabilities to support Canada’s growing EV and manufacturing sectors.”
– The Honourable Filomena Tassi, Minister responsible for the Federal Economic Development Agency for Southern Ontario
"Today's announcement brings great news for the London region, as it not only generates valuable local employment opportunities, but also represents a significant step towards supporting a greener future for southern Ontario."
– Peter Fragiskatos, Member of Parliament for London North Centre
"We are thrilled to secure this funding, which will be instrumental in fostering strategic partnerships, targeting prospective opportunities, R&D capabilities and strengthening our workforce development capacity within this emerging industry. This historic regional investment has successfully united our communities, post-secondary institutions, and talented newcomers."
– Kapil Lakhotia, President & CEO of the London Economic Development Corporation
Quick facts
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Established in 1998, LEDC supports the growth of existing businesses, helps attract new businesses to London, and strives to ensure companies have the talent, resources, and business conditions they need to scale.
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On April 21, 2023, Volkswagen Group and PowerCo SE came together with the Government of Canada, Ontario and the municipal government to announce plans for the first ever North American EV battery cell factory in St. Thomas, Ontario.
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Since November 2015, the Government of Canada, through FedDev Ontario, has invested over $60 million in 85 projects in the London region, estimated to create over 900 jobs and maintain over 1,000 jobs.
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Since 2015, FedDev Ontario has invested more than $41.5 million in 12 Electric Vehicle (EV) related projects, creating and maintaining more than 400 jobs.
Read Full News Release and related links here.
Contacts
Edward Hutchinson
Press Secretary
Office of the Minister responsible for the Federal Economic Development Agency for Southern Ontario
Edward.Hutchinson@feddevontario.gc.ca
Media Relations
FedDev Ontario
feddevontariomediarelations-relationsmedias@feddevontario.gc.ca
