A Mississauga company that makes electric car batteries will get nearly $17 million from the Ontario government, a move Premier Dalton McGuinty said was about investing in promising sectors and not about picking winners and losers.
McGuinty is promising $16.7 million to help Electrovaya create about 240 new jobs in addition to the 50 workers it currently has, while the company itself will invest nearly $95 million in its expansion.
The move follows an investment of $263 million to bring video game developer Ubisoft to Toronto in June, as well as a $23-million investment for Toronto’s Starz Animation Studio, which specializes in high-end computer-animated films, announced in May.
The premier also held an event at a Chevrolet dealership last month, promising rebates for people who buy electric cars. But McGuinty denies the funding amounts to picking winning companies — a concept that had been promoted by former Economic Development Minister Michael Bryant, and played down by the province.
“It’s not so much land on specific enterprises, but on specific sectors and opportunities,” McGuinty said at Electrovaya's plant in Mississauga, Ont., yesterday.