2023-11-16 13:41:41
After the $1.37 billion from the Quebec government in aid of all kinds, it is the turn of the Caisse de dépôt et placement (CDPQ) to invest $200 million in Northvolt, in the form of convertible debt in the company mother in Sweden.
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“The battery value chain is of great interest to CDPQ, because in addition to having a favorable impact on the energy transition, we believe it will experience strong expansion in the next decade, and we wish to benefit from this our depositors,” said Kim Thomassin, first vice-president and head, Quebec of the CDPQ, in a press release.
“Involved in the process for several months, CDPQ actively contributed to the arrival of our future factory in Quebec,” said Paolo Cerruti, co-founder of Northvolt and CEO of Northvolt in North America.
In mid-September, The newspaper revealed that Quebec was preparing to invest nearly $1.4 billion in public funds into Northvolt.
During the official announcement, with the political elite, the government added another 1.5 billion in incentives to production if it goes well, for a total of nearly 3 billion dollars.
Upcoming construction
Construction of the Northvolt mega-factory is expected to begin towards the end of the year. It will be located in Saint-Basile-le-Grand and McMasterville, in the suburbs of Montreal.
According to estimates from the project promoters, it should have an annual production capacity of up to 60 GWh.
Beginning of November, The newspaper underlined that the real estate investor Luc Poirier had achieved a masterstroke by selling land paid for $20M, in 2015, more than $240M to the Swedish Northvolt, which was able to pay for it with a repayable loan from Quebec.
Last Thursday, The newspaper reported that Investissement Québec (IQ) has just appointed its new director of the battery sector, Sarah Larose.
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