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 North American subsidiary in April to give it time to find new buyers or investors. But the government says Northvolt received no binding offers by a Sept. 1 deadline, and decided to pull the plug on the project.
“Through all the discussions there have been with potential players, there is no hope that the project can be…