VILLE DE SHAWINIGAN SECURES LAND SALE OPTION AGREEMENT WITH RÉSEAU ALLÉGÉ QUÉBEC
VILLE DE SHAWINIGAN SECURES LAND SALE OPTION AGREEMENT with RÉSEAU ALLÉGÉ QUÉBEC for a PROPOSED NEW, SCALEABLE ENERGY STORAGE MANUFACTURING and RESEARCH FACILITY
Réseau Allégé Québec's proposes to bring to Shawinigan 15 years of experience in energy technology and storage that solves critical, unmet grid-scale electric battery storage and related systems manufacturing in North America
The project plans to build a first-in-class facility in the field of grid storage systems manufacturing and advanced development
During the construction phase, the project will contribute to the creation of hundreds of jobs in the construction and engineering sector
In its operational phase, the project will generate numerous high-tech manufacturing jobs in Shawinigan and surrounding areas
VILLE DE SHAWINIGAN, CANADA, July 11th, 2022 -- The Ville de Shawinigan, located in Canada’s Québec Province, has agreed to sell land to Réseau Allégé Québec Inc. (RAQ, and d/b/a Lightening Grid Quebec) pursuant to a purchase offer dated May 16, 2022, for the purpose of building a first-in-class technical center and advanced grid storage battery cells and systems manufacturing facility. Preliminary preparation work is underway at the location for site inspection, clearance, and design.
“We are very pleased to welcome Réseau Allégé Québec to the large-scale Alice-Asselin industrial park site. This project fits perfectly into our niche of economic development in transportation electrification and electric batteries. The city stands out for its dynamism and its ability to bring together major players in this field, starting with research centers and many innovative companies. This morning's announcement confirms the importance of Shawinigan within the future innovation zone of the Energy Transition Valley,” said Michel Angers, Mayor of Shawinigan.
At scale, RAQ plans to create hundreds of direct jobs and many more indirect jobs. The high-value products and services RAQ will provide will serve critical energy, environmental, and security infrastructure needs.
“RAQ will make serving as a strong citizen in the Shawinigan community a priority. This will include creating high-skilled jobs, excellent training, local university collaboration, and globally competitive wages,” said Michael Epstein, CEO of Réseau Allégé Québec. “We determined that the community of Shawinigan is an ideal location and is the optimal site of our extensive investment, plans, and exciting future.”
The high-value products and services of RAQ will not only support the needs of Canada but also more broadly become an export engine to the United States and European Union.
“With Réseau Allégé Québec’s future facilities in Shawinigan, we are gaining not only a player in our battery industry, but more importantly, new expertise in energy storage. Attracting players from around the world, the energy transition ecosystem that we are building will transform the region’s economy in the coming years,” said Pierre Fitzgibbon, Minister of Economy and Innovation and Minister Responsible for Regional Economic Development.
"I am thrilled that Réseau Allégé Québec is coming to Shawinigan. This is excellent news as this means many new jobs will be created in our region. The arrival of companies in the battery sector confirms our status as the Energy City of the 21st century," said Marie-Louise Tardif, MNA for Laviolette–Saint-Maurice.
RBC Capital Markets and Société Générale are advisors to RAQ.
"RBC Capital Markets is proud to work with Réseau Allégé Québec and Lightergy to help make this important investment a reality,” said Robert Nicholson, Head of Renewables and Energy Transition, Canadian Power, Utilities, and Infrastructure, RBC Capital Markets. “RBC is committed to providing the advice and solutions our clients need to advance clean technology and green infrastructure in support of a more sustainable future. As one of North America’s premier investment banks, we are uniquely positioned to provide the advice, knowledge, and support to help organizations around the world achieve their sustainability goals while setting ambitious targets of our own.”
William Turlington, Head of Mining, Metals and Industries Finance, Americas for Société Générale, said, “As advisor, we see securing the land for the RAQ facility in Shawinigan as an important milestone in delivering the much needed grid-scale electric battery storage manufacturing capacity. We will continue to work with Lightergy and RAQ to bring Quebec’s green offering to the North American market.”
Société Générale has been at the forefront of sustainable finance for over 20 years and has embedded positive impact solutions across all of its advisory, financing and investment activities. Société Générale was recently named “Bank of the Year for Sustainability” by the International Financing Review (IFR) for its leading role in financing the energy transition.
ABOUT VILLE DE SHAWINIGAN
Located in Mauricie, 90 minutes from Montreal and Quebec, the City of Shawinigan has nearly 51,000 citizens spread over an area of 800 square-kilometers. Bordered by the majestic Saint-Maurice River, Shawinigan is a crossroads where countless opportunities for economic success and an enviable living environment for families and outdoor enthusiasts meet. It is a city that builds success!
ABOUT RÉSEAU ALLÉGÉ QUÉBEC
Réseau Allégé Québec, formed by Compact Power, Inc., d/b/a Lightergy™, brings 15 years of advanced energy storage technology expertise and breakthrough power solutions including energy management systems, cells, modules, and battery systems. Lightergy has a strong history of collaboration with Hydro-Québec beginning in 2007. The company has amassed a portfolio of intellectual property comprising over 60 patents and patents pending as well as established its products in the niche, high-margin defense, emergency services, and critical infrastructure markets. http://www.lighteninggridqc.com
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