Quebec’s government has pulled the plug on the $7-billion Northvolt battery plant project in Saint-Basile-le-Grand and McMasterville. Economy Minister Christine Fréchette announced the province will invest no further funds after the company failed to present a plan aligned with Quebec’s interests.
Quebec invested $510 million, including a $240-million loan guarantee and $270 million in Northvolt’s Swedish parent, which declared bankruptcy in March. The Caisse de dépôt et placement du Québec also lost $200 million. Once expected to create 3,000 jobs and make Quebec a battery powerhouse, the project has officially collapsed despite Northvolt’s pledge to find new buyers.
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