Quebec to Retrieve Funds and Land from Northvolt Electric Vehicle Plant
Quebec’s Economy and Energy Minister, Christine Fréchette, revealed on Tuesday that the province is taking steps to recoup the $510 million it had invested in the Northvolt electric vehicle battery plant project.
The Swedish company had received a $240 million loan and a $270 million investment from Quebec for the plant construction in Saint-Basile-le-Grand and McMasterville. However, Quebec has decided to withdraw its support as Northvolt failed to present a satisfactory plan aligning with the province’s interests.
Northvolt currently owes Quebec around $260 million, and the government aims to recover at least the company’s $200 million bank account in North America along with reclaiming the land allocated for the project.
Fréchette expressed disappointment over the unsuccessful venture but assured that this setback does not mark the end of the battery industry in Quebec. Despite Northvolt’s bankruptcy filing in Sweden last March, the government remains optimistic about the future of the sector.
