Refined graphite on site key component in the production of electric car batteries
The name Union Carbide is back in the news.
The Welland plant opened in 1907 and operated for 110 years making graphite.
And it's that graphite that could make a redevelopment company very rich.
The property the old plant sits on was purchased by King and Benton Redevelopment, about six years ago.
Company president Steven Charest tells CH TV after the purchase, they discovered 500,000 tons of synthetic graphite on the property, dumped in a landfill, which could be worth about $7 billion.
He tells the TV station, he plans to sell the graphite, which is used in the production of batteries for electric cars, to domestic manufacturers.
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