Automotive thermal energy management solution corporations Hanon Systems(018880) received support of 10 million Canadian dollars (about 10.2 billion won) from the Canadian government.
On the 7th, according to Hanon Systems, the Department of Innovation, Science and Economic Development Canada (ISED) said it would provide government support of 10 million Canadian dollars to Hanon Systems' Canadian subsidiary to promote the electrification transition of Canada's auto industry and strengthen supply chains.
This support is part of the Canadian government's "green vehicle strategy and strategic innovation fund," and will be directed to Hanon Systems' first electric compressor production plant and research and development center in Canada, built in Vaughan, Ontario. Through this project, the Canadian government expects to drive technological innovation in the local auto parts manufacturing sector and create new quality jobs in the Vaughan, Ontario, area.
Hanon Systems' Canadian electric compressor production plant and research and development center received a total investment of 198.75 million Canadian dollars (about 200 billion won). It includes 155 million Canadian dollars in direct investment by Hanon Systems, along with funding from the federal government of Canada.
With this plant, Hanon Systems will be able to produce up to 1.5 million units per year of steam-injection electric compressors for electric and hybrid vehicles by 2034.
Mélanie Joly, Canada's industry Minister, said, "Hanon Systems' new facility will be a key hub that leads innovation in Canada's electrified parts manufacturing and creates quality local jobs," and added, "We expect it will be an important turning point for Canada to rise as a leader in the global zero-emission vehicle ecosystem."
Lee Soo-il, vice chairman and CEO of Hanon Systems, said, "Based on this support from the Canadian government, we have been able to significantly strengthen our capacity to supply electric compressors in the North American market," and noted, "We will continue to deliver differentiated value to global automaker clients based on next-generation eco-friendly vehicle thermal management technology."