Quebec judge declares Northvolt insolvent as province recovers $200 million | NanaimoNewsNOW

Northvolt announced plans in 2023 to build a $7-billion battery “gigafactory” in Quebec, touted as the largest private investment in the province’s history. But the project’s future was thrown into doubt when Northvolt’s Swedish parent company declared bankruptcy in March. Construction on the plant never moved past preparatory stages. Quebec signed an agreement with the…

$200M from loan recovered, Quebec says

MONTREAL — A Quebec Superior Court judge has declared insolvent the North American branch of battery maker Northvolt as the provincial government looks to recover $260 million owed to it by the company. Justice Janet Michelin on Friday placed Northvolt Batteries North America under creditor protection at the request of the Quebec government. Northvolt laid…