Insolvency Guardian Media Centre
By
Sep 5, 2025 | 9:04 AM
MONTREAL — The Quebec government says it has recovered nearly $200 million on its loan to the North American branch of battery maker Northvolt.
The money comes from bank accounts belonging to Northvolt that were frozen after its Swedish parent company declared bankruptcy in March.
Quebec announced this week it would provide no more funding for the project and is now trying to recover a $240-million guaranteed loan that allowed Northvolt to purchase land for a battery plant near Montreal.
The government is asking Quebec Superior Court to declare the company insolvent and authorize a process for the sale or…
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MONTREAL — The Quebec government says it has recovered nearly $200 million on its loan to the North American branch of battery maker Northvolt.
The money comes from bank accounts belonging to Northvolt that were frozen after its Swedish parent company declared bankruptcy in March.
Quebec announced this week it would provide no more funding for the project and is now trying to recover a $240-million guaranteed loan that allowed Northvolt to purchase land for a battery plant near Montreal.
The government is asking Quebec Superior Court to declare the company insolvent and authorize a process for the sale or repossession of the land.
Quebec has already lost a $270-million investment in the parent company, and says the debt on the loan…
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Quebec judge declares Northvolt insolvent as province recovers $200 million The Albertan
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Quebec judge declares Northvolt insolvent as province recovers $200 million Squamish Chief
Read the original article here
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…
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Quebec judge declares Northvolt insolvent as province recovers $200 million LakelandToday.ca
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