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New investment in Canada's steel industry to create jobs and build a cleaner future – Prime Minister of Canada

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As we work to finish the fight against COVID-19, the Government of Canada is taking action to ensure that Canadian companies have the tools and resources they need to build strong communities and a cleaner future for Canadians. By investing in clean technology, we will create good middle class jobs, strengthen our economy, cut pollution, and build back better for all Canadians.

The Prime Minister, Justin Trudeau, today announced that Algoma Steel Inc. will receive up to $420 million to retrofit their operations and phase out coal-fired steelmaking processes at their facility in Sault Ste. Marie, Ontario.

This funding will enable the company to purchase state-of-the-art equipment to support its transition to Electric-Arc Furnace production. This electricity-based process is expected to cut greenhouse gas (GHG) emissions by more than 3 million metric tonnes per year by 2030, making a meaningful contribution to achieving Canada’s climate goals. This is equivalent to taking more than 900,000 passenger vehicles off the road – almost the number of passenger vehicles in Toronto.

The investment will create 500 well-paying jobs, through the project’s construction phase and subcontracting, and will create over 600 new co-op placements for students. Additionally, 75 employees at Algoma will be trained for high-skilled jobs in the science, technology, engineering, and mathematics (STEM) fields.

Our country’s steel producers provide thousands of good middle class jobs to Canadians, and we need to ensure they remain a vital part of our economy as we transition to a cleaner future. Like Canadians across the country, the people of Sault Ste. Marie have shown incredible strength and resilience since the beginning of the pandemic, and today’s announcement will help support a strong economic recovery for their community. The government will continue to support innovative projects that help us tackle climate change, achieve our environmental goals, and create new opportunities for workers and businesses alike.

Quotes

“Investments in clean technology benefit the environment and our economy. Today’s announcement is great news for the people of Sault Ste. Marie. It will help Algoma Steel create good middle class jobs and cut pollution, while positioning Canada as a leader in cleaner and greener steelmaking. The government will continue to support Canadian businesses and workers as we accelerate our transition to a clean-growth economy that leaves no one behind.”

The Rt. Hon. Justin Trudeau, Prime Minister of Canada

“We are proud to support companies like Algoma Steel Inc. that are seizing the opportunities to lead in the low carbon economy. Today’s investment will ensure that one of Canada’s largest steel producers will play a key part in Canada’s economic recovery and make significant progress towards our climate targets. Our focus on a green recovery means creating good jobs in communities like Sault Ste. Marie and helping us achieve our ambitious target of net-zero by 2050.”

The Hon. Francois-Philippe Champagne, Minister of Innovation, Science and Industry

“We need to make sure we have the cleanest manufacturing in the world. The Canada Infrastructure Bank’s support to help Algoma Steel decarbonize steelmaking is good for Canadian jobs and the economy and critical to tackling climate change.”

The Hon. Catherine McKenna, Minister of Infrastructure and Communities

“This project, when fully executed, will significantly reduce greenhouse gases, strengthen the competitiveness of the Canadian steel industry, and solidify local economic growth potential. This retrofit of industrial infrastructure is an example of the Canada Infrastructure Bank’s $10B Growth Plan in action.”

Ehren Cory, Chief Executive Officer, Canada Infrastructure Bank

“The 70 per cent carbon reduction resulting from Algoma’s proposed transformation to Electric-Arc Furnace technology represents one of the lowest cost-per-tonne opportunities to achieve large-scale sustainable GHG reductions in Canada. The world can’t get to net-zero without steel. The combination of an Electric-Arc Furnace with Ontario’s low carbon electricity will give our customers and infrastructure investments a green steel advantage. We are most grateful for the Government of Canada’s leadership on this front, and their commitment in support of Algoma Steel’s sustainability transformation.”

Michael McQuade, Chief Executive Officer, Algoma Steel Inc.

Quick Facts

  • Headquartered in Sault Ste. Marie, Ontario, Algoma Steel Inc. employs approximately 2,600 Canadians and is Canada’s only fully integrated producer of steel plates, making it a leader in the production of hot- and cold-rolled steel sheet, strip, and plate.
  • As part of this investment of up to $420 million, Algoma Steel will receive up to $200 million from the Strategic Innovation Fund’s Net Zero Accelerator initiative and $220 million from the Canada Infrastructure Bank. The total cost of Algoma’s project is $703 million.
  • The Canada Infrastructure Bank (CIB) is investing $35 billion, and partnering with private and institutional investors as well as other levels of government and Indigenous communities, to support new revenue-generating infrastructure projects, support economic growth, and take action on climate change. Today’s announcement is part of the CIB’s goal to attract private and institutional capital into green infrastructure and reduce GHG emissions through retrofits, as announced in its $10B Growth Plan last year.
  • All CIB investments are subject to due diligence and final approval by its Board of Directors.
  • The Government of Canada launched the Net Zero Accelerator in December 2020, as part of its strengthened climate plan, A Healthy Environment and a Healthy Economy. Through this initiative and with additional funding announced in Budget 2021, the government is investing $8 billion over seven years to accelerate decarbonization projects with large GHG emitters, the transition to clean technologies, and Canada’s industrial transformation across all sectors.
  • In November 2020, the government introduced Bill C-12, the Canadian Net-Zero Emissions Accountability Act, to establish a legally binding process to achieve net-zero emissions by 2050, set rolling five-year emissions-reduction targets, and require plans to reach each target and report on progress. The legislation received Royal Assent in June 2021.
  • The steel industry currently accounts for 7 per cent of global GHG emissions from the energy industries – equal to global aviation, shipping, and chemicals emissions combined.
  • In 2019, the Canadian steel industry employed over 25,000 workers and contributed $3.8 billion to Canada’s gross domestic product.

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Former Tesla CTO's battery materials recycling company announces US$700 million+ investment – Energy Storage News

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Published: 30 Jul 2021, 07:13

A lithium-ion battery pack specially designed to be easily recycled, made by a UK startup called Aceleron. Image: Aceleron.

Former Tesla battery guru JB Straubel’s materials recycling company Redwood Materials has attracted more than US$700 million in investment.

Redwood, which is currently developing processes to produce battery materials that can be resold into the supply chain, has partnerships in place with the likes of Panasonic, Envision AESC and Amazon. The company pledges to recycle any device with a lithium-ion battery including phones, laptops and power tools, although a major focus is being placed on electric vehicle (EV) batteries.

The new investment will enable the company to significantly expand its capabilities and create new battery materials within the US, it announced on 28 July. In June, Redwood said it plans to increase the size of its facilities in Carson City, Nevada, to 550,000 square feet, and to build at another large site in Nevada at the Tahoe-Reno Industrial Center. It also wants to recruit 500 more employees in the next couple of years.

A “carefully selected group of strategic investors” took part, including Goldman Sachs Asset Management, Baillie Gifford, Canada Pension Plan Investment Board and Fidelity, in a round led by investment management group T. Rowe Price Associates. Investors that also participated in a previous Series B round also invested again, including Bill Gates’ Breakthrough Energy Ventures and Amazon’s Climate Pledge Fund.

“We are excited to begin this investment in the talented and accomplished team at Redwood as they expand their pursuit of building a world-class sustainable, closed-loop battery supply chain for electric vehicles,” T. Rowe Price Growth Stock Fund portfolio manager Joe Fath said.

“In our view, the need for these materials will grow exponentially over time as we enter the era of decarbonisation. We believe Redwood is well-positioned to be at the forefront of tackling this emerging and critically important problem.”

Redwood CEO Straubel was one of Tesla’s co-founders and was chief technical officer at the company before founding his recycling venture in 2017. Straubel had hinted at the scale of the recent investment at an online event hosted by the US Department of Energy in June, telling Secretary of Energy Jennifer Granholm and viewers that recycling can enable very high utilisation of materials, helping to solve a “pretty challenging supply chain problem” that lies ahead.

At that event, which was focused on the challenges and opportunities of creating an advanced battery manufacturing value chain within the US, Secretary Granholm asked Straubel what the investment — which at the time he said would be in the order of “hundreds of millions of dollars” — said about the recycling space today.

Straubel replied that it showed that recycling is already very economically competitive, with recycled materials actually able to compete on price with mined materials. He added that Redwood is finding feedstock from the EV and consumer electronics sectors to be abundant. However, he noted that the market for recycled materials is currently in China, where they are sent to be reused in new products, rather than in North America. This highlighted gaps in refining and synthesis value creation in the US, the CEO said.

What role will stationary storage systems have in the recycling landscape?

Energy-Storage.news has recently heard from two different companies involved in battery recycling in North America and Europe that stationary storage systems will play a significant role in the coming years.

Finnish state-owned energy company Fortum announced its own US$30 million investment into a battery materials recycling plant in June which it hopes to open fully in 2023, capable of recovering lithium-ion, nickel, manganese and cobalt through a hydrometallurgical process, adding to existing facilities the company has in its home country.

Fortum’s head of its battery business line Tero Holländer told Energy-Storage.news that while the largest volumes of batteries for recycling will come from the EV segment, the share of batteries from energy storage systems (ESS) will also be significant.

Similarly, Canada-headquartered startup Li-Cycle, which has facilities in Canada and the US, recently formed a partnership with battery life cycle management company Renewance aimed at cost-effectively and sustainably processing ESS batteries.

Li-Cycle chief commercial officer Kunal Phalpher told the site that the ESS segment has a “crucial role” to play, with EVs “far from being the exclusive point of focus for the industry”.

“Stationary energy storage is playing a crucial role in the big picture of battery recycling, especially in the United States which is experiencing rapid growth and is in need of finding efficient methods to recycle all of the batteries stemming from facilities being decommissioned and/or upgraded,” Phalpher said.

In September last year, analysts from IHS Markit told the audience at an event hosted by our publisher Solar Media that more or less every stakeholder in the lithium-ion battery supply chain will see it as being in their interests to establish an effective recycling industry.

Stay up to date with the latest news, analysis and opinions. Sign up here to the Energy-Storage.news Newsletter.

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Investing For Beginners: Financial Tips To Get Started – NPR

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Illustration of a person standing in front of a life-sized chart showing different colors in waves and lines representing them balancing their stock portfolio.

LA Johnson/NPR

LA Johnson/NPR

Millions of Americans have started investing during the pandemic. And while the market has started to get a bit wobbly lately, stocks are still near all-time highs. So now is actually a really good time for people new to the world of investing to figure out how to get their ducks in a row and their investments set up in a smart way for whatever the future may bring.

If you’re an everyday investor drying to sift through Reddit threads and YouTube tutorials, this is for you. Here are a few common mistakes to avoid and some actionable tips to get you on your own investing path.

Betting on a hot stock isn’t worth it.

Despite news headlines on life-changing investments on one stock item like GameStop, it is too risky to make short-term bets with sizable sums of money on what a stock is going to do next. Instead, some of the most respected investors in the world have long said the best way for everyday investors like you and me to make money is to invest in index funds and hold those investments over long periods of time.

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Most index funds offer low fees and will allow you to essentially buy the entire stock market. That way, if any one stock crashes it won’t affect your portfolio. And if you really want to bet on individual stocks, the best advice is to do that with a very small part of your portfolio — and only with an amount of money you can afford to lose.

Build a diverse portfolio.

The key to everyday investing is diversification, which means owning different types of investments to spread out the risk. According to investment manager Paula Volent, you definitely want to own stock index funds because stocks over time have always offered the best return. She suggests owning a broad U.S. stock market index fund, a foreign developed markets index fund and an emerging markets index fund.

Volent also says you need investments that can do well when stocks are doing poorly. These include Treasury bonds and real estate funds. As far as how to know how much of each of these components is the right mix for you, there are different ways to figure that out. Age-based, or so-called “target-date,” index funds put together a mix of many of these components for you with a risk profile based on how many years you are away from retirement.

For more guidance, read David Swensen’s Unconventional Success.

Want to learn more? If you’re going to read one book, check out economist David Swensen’s Unconventional Success. It’s the ultimate introduction to everyday investing from a world famous investor who set out to tell the rest of us how to do this right. Jack Bogle’s book Common Sense On Mutual Funds is another classic.

Working with a financial adviser? Make sure they’re fee-only.

Checking in with a financial adviser is strongly recommended by experienced investors, but make sure you’re speaking with a fee-only expert, who isn’t receiving commissions for steering you into one investment over another. Once you find someone acting in your best interest, try to meet with them once a year or every two to three years. Find someone you can pay a flat fee for each visit. This will save you money in the long term

Rebalance your investments for stability and to maximize your return on your investments.

There is no need to panic, even in times of big corrections in the market. With a diverse investment portfolio, you actually have an opportunity to make some extra money off of big swings in the markets by selling what has gone up in value and buying more of what’s gone down.

Let’s say you’ve decided you should have 50% of your portfolio in a mix of stock index funds. If stocks crash and bonds rise in value, then the stock portion of your portfolio might only be worth 45% of your overall portfolio. You can sell some bonds and buy more stocks to get back to the target in your investment plan. Buying low and selling high is the right way to make money investing. But you’re not doing this randomly. You are sticking with your plan for your target allocation in your core portfolio.

Bottom line — please don’t panic and sell everything just because the stock market crashes and you see other people panicking and getting rid of their stocks. That can do irreparable harm to your portfolio. Buying high and selling low is not a good way to make money.


The audio portion of this episode was produced by Janet W. Lee.

We’d love to hear from you. If you have a good life hack, leave us a voicemail at 202-216-9823, or email us at LifeKit@npr.org. Your tip could appear in an upcoming episode.

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6 Useful Tips on How to Make the Process of Investment Funding Fast and Convenient – The Seeker Newsmagazine Cornwall – The Seeker

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Investment is not child’s play that can be mastered within no time. It requires a lot of tactics, risk-taking, and funding to make it work more conveniently and faster. If you are new in the business, you should definitely learn some tips to make the process of investment funding fast and convenient.

  1. Preparing an Investment Strategy

Preparing an abstract plan or portfolio of every investment funding is always better before starting it. The tasks will be easier for you to perform with all the data and statistics already prepared. Your strategy should consist of all the information regarding your investment goals, risk-taking tolerance, time horizon, and the variety of investment products you can invest in.

  1. Use Different Strategies And Diversification

The most efficient way to secure your investment is by using different strategies of investment funding. You can invest your funds in a variety of assets, whether you invest in bonds, stocks, real estate, or any other sub-investments, depending on your affinity for the field. This process of diversification will help you keep your funds safer. If the value of one option declines, the other variety will help cover up for your loss. So, you can opt for diversity in your investment funding to make it safer.

  1. Evaluation of Risk-Taking

Another basic function you need to take care of is to evaluate the risk you are going to take in any investment plan. If you are investing your funds, it should be obvious that you might face a number of risks after signing any project. Have the patience to take in any loss coming your way. To make your mind prone to any loss, you should evaluate the intensity of the loss you might face after investing your funds before signing up for any plan. This step will make the process of investment funding convenient.

  1. Apply For Different Investment Campaigns Or Loans

Most of you might not afford self-funding due to a lack of savings. However, you should not let this become a hurdle in your investment journey. There are different options you can consider like crowdfunding, angel investment, venture capital, bank loans, government plans, and other business loans. You can also try hard money lenders if you’re interested in real estate investment. The best option for this expenditure can be investor loans. Houston-based businesses, for instance, have their go-to people when it comes to getting loans for real estate. They are well aware that lenders from Priority Investor Loans are hard money lenders for real estate, and they come with tons of benefits that help make the process of investment funding fast and convenient. Through crowdfunding, you could seek the attention of investors through your proposal online. On the other hand, Angel investors and Venture capitalists are those looking for people with attractive business proposals, so they could guide them and invest in them. In the end, even if you have no one interested in your proposals, you could apply for business loans and start on your own.

  1. Maintain Plans To Escape Emergency Traps

Always remember to maintain emergency exits for all your investments. Keep enough money and other resources in case anything goes wrong. Your backup fund would be your go-to in case of any financial emergencies. With that, you could easily cover up the number of lost funds due to any decline in the stock market.

  1. Fund Your Own Business

The most convenient and fastest way to boost your investment funding is by funding your own business. This will help you remain motivated to work hard and remain free of debt. Additionally, the most important advantage would be that you will get the maximum profit from all your investments.

Proposing different ideas related to the process of investment funding is easy, yet a few people know its practical meaning. You may be new to this expenditure, still, you should know that it takes a lot of practical strategies and hard work to make the process work efficiently.

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