One year after announcing its $7-billion battery factory near Montreal, Swedish-based Northvolt faces financial difficulties, raising concerns about the future of its Quebec project. Amid a cash crunch, the company cut 20% of its global workforce and hired restructuring advisors. Northvolt has assured that work continues on its Quebec facilities, but delays are anticipated.
The factory, funded by $7.3 billion from Canadian and Quebec governments, is key to Canada’s EV sector and expected to create 3,000 jobs. Some opposition leaders are calling for funding to be halted. The fate of Northvolt and its impact on Canada’s economy remain uncertain.
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