ANNOUNCEMENT 10 May 2018

This investment was made through Canada’s Strategic Innovation Fund, which aims to accelerate economic growth, strengthen and expand the role of Canadian firms in regional and global supply chains, support economic strategies, and attract investment.

 

NUMBER OF INTERVENTIONS

1

  • 1 harmful
  • 0 neutral
  • 0 liberalising
Inception date: 10 May 2018 | Removal date: open ended

Financial grant

On May 10, 2018 the Government of Canada announced a Can.$60 million (U.S.$45 million) subsidy to Alcoa Corporation and Rio Tinto Aluminum for their joint venture Elysis. The Government of Quebec will contribute a matching investment (for a total of U.S.$90 million), and become a limited partner in the company.

The federal investment is being made through the Strategic Innovation Fund, a program that is “designed to attract and support high-quality business investments across all sectors of the economy by encouraging R&D that will accelerate the transfer of technology and the commercialization of innovative products, processes and services and will facilitate the growth of innovative firms.”

Update

In June 2021, the government of Canada announced providing funding to ELYSIS venture to support their investment in the commercialization of the world’s first zero-carbon aluminum smelting technology (see related state act).

AFFECTED SECTORS