EV battery giant Northvolt to build multibillion-dollar plant in Quebec
Source: Sabrina Jonas | · CBC NEWS · | September 28, 2023
Trudeau in Montreal to welcome Sweden's Northvolt Thursday morning
Source: François Legault said Quebec has reached its vision of becoming a world leader in the green economy. (Ivanoh Demers/Radio-Canada)
Quebec and Ottawa will invest a total of $2.7 billion for the construction of the factory, expected to be built by the end of 2026.
Canada and Quebec have committed to providing Northvolt with production support to match the Inflation Reduction Act's Advanced Manufacturing Production Credit in the United States, equalling up to $35 US per kWh.
The company will also be eligible for government production incentives up to $4.6 billion over the next five to nine years, of which one-third is to be paid by the Quebec government, amounting to another $1.5 billion from the province.
Legault praised the announcement as being "the biggest private investment in the recent history of Quebec."
He said Quebec has reached its vision of becoming a world leader in the green economy.
Northvolt chose the site east of Montreal out of 70 different locations in North America.
Paolo Cerruti, co-founder of Northvolt, will lead the project as CEO of Northvolt in North America, headquartered in Montreal.