Quebec’s government is stopping funds for a proposed Northvolt electric vehicle (EV) battery mega factory in the Montérégie region near Montreal.
According to Quebec’s Economy Minister Christine Fréchette, the decision was made after Northvolt Batteries North America didn’t provide an acceptable plan for the Northvolt Six plant, which was scheduled to begin producing batteries next year and ramping up to making enough for one million EVs per year.
Quebec has spent $510 million in total on the project so far, but lost the $270 million it had invested in Northvolt’s Swedish parent company, Northvolt AB, when the company went bankrupt in March. The province also hopes to get back $240 million in a loan given to Northvolt’s local subsidiary to purchase property for the factory….