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54m ago

Quebec Ends Northvolt Battery Plant Deal, Writes Off $270 Million

Officials will reassign 352 megawatts that had been reserved for the project.

Signage is seen at the entrance to the Northvolt plant, dubbed Northvolt Six, in Saint-Basile-le-Grande, Que., on Thursday, March 27, 2025. Northvolt AB has filed for bankruptcy protection in the United States, but said the move will not jeopardize the manufacturer's planned electric vehicle battery plant in Quebec — though hundreds of millions of taxpayer dollars invested in the parent company could be lost. THE CANADIAN PRESS/Christinne Muschi
An aerial view of the land that was being developed by Northvolt in Saint-Basile-le-Grand, Que., southeast of Montreal.
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Overview

  • The province will make no further investments in Northvolt Batteries North America.
  • Quebec’s $510 million commitment included a $270 million equity stake now written off and a $240 million guaranteed loan the government says it will recover.
  • Planned facilities in Saint-Basile-le-Grand and McMasterville will not proceed after the company failed to present a plan that met Quebec’s interests.
  • Northvolt filed for bankruptcy in Sweden in March, which had already cast doubt on the Quebec venture.
  • The government says it will assert its legal rights to recoup funds, while the economy minister maintains the broader battery sector remains in good shape.