Among the 11 electric battery companies investigated by Quebec’s auditor general, three were high-profile jewels in the province’s quest for green leadership that ended up going bankrupt or being declared insolvent. Northvolt, Lion Electric and Taiga Motors received more than $650 million in provincial funding before failing.
Auditor general Christine Roy found the government’s attempts to develop a battery sector were poorly planned, failing to include reasonable objectives and timelines that could have better protected its investments and the companies’ futures. At the same time, analyses of the projects failed to assess significant risks.
“Yet in most cases, there were significant risks,” Roy wrote….