Battery sector: he thinks that the smallest should also have access to megawatts

The big boss of First Phosphate, who hopes to obtain his 10 megawatts (MW) for his factory project in La Baie, believes that we should also bet on smaller companies like his to avoid putting all our eggs in one basket in the battery sector.

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“It’s good to balance this risk,” he sums up. Newspaper John Passalacqua, CEO of Canadian company First Phosphate, who is hopeful of having his energy blocks.

During the consultations on Bill 69 last week, Hydro-Québec CEO Michael Sabia openly criticized the choices of former Economy Minister Pierre Fitzgibbon, who may have reserved too many energy blocks for foreigners, according to him.

Last Monday, The Journal told the story of the Forges de Sorel, owned by Swiss interests, but which needs electricity for a decarbonization project to be able to keep more than 320 well-paid jobs in Quebec at more than $80,000, in the heart of Sorel.

More small projects

During an interview with The JournalJohn Passalacqua, the big boss of the Canadian company First Phosphate, did not once mention the name of the Swedish company Northvolt, which received 354 MW from the CAQ government, even if one cannot help but think of it when he details his thoughts.

“If a single company has access to 250 MW or 500 MW, and we divide this 500 MW by 10, that makes 50 small projects like ours that can be done. It’s less risk for the economy,” estimates the entrepreneur, who wants 10 MW for a cathode powder factory for LFP batteries, which should create 100 high-tech jobs.

“When there’s just one big guy, you lose everything at once. When there are 50 small and medium-sized companies, not only are you creating jobs here, but it’s a more balanced way of managing risk in the battery industry,” adds the number one of First Phosphate, listed on the Stock Exchange, with its head office in Vancouver, British Columbia.

According to him, there is room for both large and small companies, but we must not forget that the Quebec and Canadian economy was built thanks to SMEs.

“Local entrepreneurs also need a helping hand,” he concludes.

Highlights

Globally, the LFP battery market could reach $68 billion within four years, according to First Phosphate. More than 90% of LFO batteries are manufactured in China today.