Power Move: A $200 Million Bet on Ontario Lithium

Rock Tech and BMI Group ink a $200 million deal to build a critical lithium converter in Ontario, securing Canada’s spot in the EV battery race

21 Apr 2026

Rock Tech Lithium has entered a CAD 200m agreement with BMI Group to develop a lithium converter in Red Rock, Ontario. The deal establishes BMI Group, a Canadian infrastructure platform, as the lead investor for a facility designed to process raw materials for the electric vehicle battery market.

The partnership represents a significant step in Canada’s effort to build an integrated battery supply chain. Under the terms of the agreement, Rock Tech will maintain operational control over the project's engineering and construction phases.

To begin immediate development, the companies have launched a CAD 30m funding programme. These initial funds are earmarked for feasibility studies, environmental permits, and preliminary site work. The partners expect to reach a final investment decision by the end of 2026.

The Red Rock facility is based on the design of Rock Tech’s Guben plant in Germany. By using a pre-existing engineering blueprint, the company intends to shorten development timelines and lower technical risks. The 337 acre site is located near Thunder Bay and features established access to natural gas and the CPKC transcontinental rail network.

Strategic partnerships have become central to the project's viability. In March 2026, Rock Tech reached an agreement with Siemens Canada to implement automation and digital twin technology at the site. Furthermore, BMI Group’s links to European investors provide a broader capital base for the project.

The facility aims to produce lithium salts that comply with the United States Inflation Reduction Act and the Canada United States Mexico Agreement. These trade frameworks incentivise the use of minerals processed within North America to qualify for electric vehicle subsidies.

Despite the capital infusion, the project faces the broader challenge of volatile lithium prices and competition from established refiners in Asia. Success will depend on whether the Red Rock facility can achieve commercial scale while meeting the strict environmental standards required by North American and European regulators.