Tuesday Ticker: May 31, 2022

Toronto, Ontario⁠⁠— In this weekly Tuesday paper, Rivian sees management shakeups amid an already tumultuous year, while another battery tech player sets his sights on cathode active materials (CAMs) from Quebec.

Do the Rivian shuffle

Rivian is revamping its executive ranks as one of its top manufacturing executives parts ways with the automaker EV.

Via an email to Bloomberg News last Friday, CEO RJ Scaringe said Charly Mwangi, Rivian’s head of manufacturing engineering, had left the company.

As head of Rivian’s manufacturing engineering department, Mwangi helped initiate the OEM manufacturing process, CNN said.

Rivian’s new chief operating officer, former Magna International Inc. executive Frank Klein, will start on June 1, Scaringe said.

“This is an important time for our growing business, which is taking place in an extremely challenging environment,” Scaringe wrote. “We are well positioned for long-term success, but we must continually evaluate how we operate. »

Rivian has struggled with supply shortages and manufacturing issues since it began producing its new models in late 2021. The electric vehicle startup was heralded as a competitor to Tesla and has become the most big initial public offering last year, but its shares have fallen more than 70% this year.

More CAMs in Quebec

Nano One, a Vancouver-based battery technology company, has agreed to purchase John Matthey Battery Materials Canada and its cathode plant in Candiac, Quebec. in a deal worth approximately $10.3 million.

The deal will see Johnson Matthey own approximately nine acres (four hectares) of property in Candiac, a suburb of Montreal, and an on-site factory⁠—which takes up approximately one-tenth of the site⁠—as well as equipment and Installation team transferred to Nano One.

Johnson Matthey’s Canadian Battery Materials Plant was built in 2012 and produces cathode active materials (CAMs) for lithium iron phosphate batteries, which are commonly used in electric vehicles made in China, but only extend to American models.

Nano One CEO Dan Blondal said the growing need for CAM products in North America will give the company an opportunity to become a leader in the industry.

“Experienced employees are at the heart of this agreement and will help accelerate Nano One’s learning curve,” he said in a statement. “The facility is located in Greater Montreal and strategically located close to employees and their families, international airports, major port facilities and is an essential link in the mining-mobility initiative.

Blondal added that the Quebec plant has already proven itself commercially, shipping products to Tier 1 automotive suppliers and a variety of other customers over the past decade. While lithium iron phosphate batteries have taken off in the Chinese electric vehicle market over the past two years, the technology was first commercialized in Quebec.

Other major players have noticed Quebec’s position on the CAM market; in early March, BASF and Ford announced separate joint ventures in battery materials plants in Bécancour, Quebec.