Quebec Ends Funding for Northvolt Battery Factory
Quebec will recover a $240 million loan after investing $510 million in a failed battery plant project due to Northvolt's bankruptcy, but the province remains committed to its battery industry.
- Quebec's government is ending funding for Northvolt's planned battery plant due to an unacceptable project plan, according to Economy Minister Christine Frèchette.
- Quebec has invested $510 million in Northvolt and is seeking to recover funds after the company's bankruptcy in March.
- U.S. startup Lyten intends to acquire Northvolt's location for a future battery factory and is in talks with both federal and provincial governments.
- Despite the project's failure, Quebec states that this does not signify the end of its battery industry.
50 Articles
50 Articles
Quebec Ends Support for Northvolt’s EV Battery Factory, Loses $270M
Quebec’s government is stopping funds for a proposed Northvolt electric vehicle (EV) battery mega factory in the Montérégie region near Montreal. According to Quebec’s Economy Minister Christine Fréchette, the decision was made after Northvolt Batteries North America didn’t provide an acceptable plan for the Northvolt Six plant, which was scheduled to begin producing batteries next year and ramping up to making enough for one million EVs per yea…
Que. Government Ends Funding For Northvolt Battery Factory - Canadian Manufacturing
The Quebec government is pulling the plug on a $7-billion electric-vehicle battery project near Montreal and trying to recoup some of its investment. Economy Minister Christine Fréchette announced on Sep. 2 that the government is cutting its losses on the planned Northvolt battery factory after spending $510 million on the troubled venture, once touted as the largest private investment in the province’s history. The Quebec government pledged up …
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