Northvolt to build $7B battery factory near Montreal, includes government money
CTV
Swedish manufacturer Northvolt says it will build a $7 billion gigafactory for electric vehicle batteries near Montreal that it claims will represent the largest private investment in Quebec's history.
Swedish manufacturer Northvolt says it will build a $7 billion gigafactory for electric vehicle batteries near Montreal that it claims will represent the largest private investment in Quebec's history.
On hand at the unveiling in Montreal, Prime Minister Justin Trudeau said the investment would help build the economy of the future.
"This is a historic and transformative announcement. Northvolt's investment will bring end-to-end battery manufacturing to Canada, making our country one of only a few locations to have this capacity outside of Asia."
The Quebec government has committed up to $2.9 billion to secure the deal, including both construction help and production incentives, while the federal government will contribute up to $1.34 billion.
The 170-hectare site in McMasterville and Saint-Basile-le-Grand, Que., will have initial capacity to produce about 30 gigawatt hours of annual cell manufacturing when it goes into production in 2026.
The site will also include facilities for cathode active material production and battery recycling.
The company says the plant is expected to employ up to 3,000 people.
