E-One Moli will build a $1-billion lithium-ion battery cell manufacturing plant in the Vancouver suburb of Maple Ridge, B.C.

The plant will be located near E-One Moli’s existing operations in Maple Ridge, B.C. Construction is slated to start in late 2023 or early 2024, and the facility is expected to be fully operational in 2027.

E-One Moli is the Canadian subsidiary of a similarly named Taiwanese company, according to a City of Maple Ridge news release.

The federal and B.C. governments are investing $284.5 million. Ottawa will supply $204.5 million through its Net Zero Accelerator Fund while Victoria kicks in $80 million, Prime Minister Justin Trudeau’s office announced. E-One Moli and private sources will supply the remaining funds, according to a B.C. government news release.

The project is will create up to 350 new jobs and secure 100 existing ones, said Trudeau’s office.

The province said the plant will be the first of its kind in Western Canada and create a new hub in the global battery-component supply chain. The battery cells will be used in products ranging from consumer electronics to medical equipment.