Ottawa is looking for a buyer to take over a large electric vehicle battery plant project in Quebec after its Swedish parent company filed for bankruptcy, Industry Minister François-Philippe Champagne said.
“We’re having discussions in the background to see if we can find a party that is interested in taking over the factory,” Champagne said during an unrelated press conference in Ottawa on March 12.
Battery cell maker Northvolt AB announced it filed for bankruptcy in Sweden on March 12, halting the plan to build a European giant to rival its Asian competitors.
The company said it faced a number of challenges in recent months, such as rising capital costs, shifts in market demand, geopolitical instability, and subsequent supply chains disruptions….