QUÉBEC CITY, Sept. 2, 2025 /CNW/ - The Minister of Economy, Innovation and Energy and Minister responsible for Regional Economic Development, Christine Fréchette, announces the end of funding for Northvolt Batteries North America by the Government of Quebec in consideration of the completion of the project to build an electric vehicle battery manufacturing plant in Saint-Basile-le-Grand and McMasterville, in Montérégie.
"Today, we are ending Northvolt's funding in Quebec. As the company has not presented a
plan that satisfies Quebec's interests, we are asserting our rights in order to recover the maximum of our investment. This adventure has proved unsuccessful, and we are obviously disappointed. However, the outcome of the project does not mean the end of the battery industry here. On the contrary, our sector is alive and well with several companies active in this ecosystem. We remain convinced that it has a bright future, particularly in Bécancour, where nearly 3,000 people work to build the plants," said Minister Fréchette.The amounts disbursed by the Quebec government in the project are $510 million, consisting of a guaranteed loan of $240 million for the purchase of the land and a subscription of $270 million in the company's parent company in Sweden. The sums lost amount to 270 million dollars. The $240 million loan has guarantees for its repayment.
In addition, an analysis will have to be carried out for the use of the 352 megawatts of energy for the benefit of other economic development projects, on this land or elsewhere.
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