$270 million invested in Northvolt’s parent company is lost, Quebec confirms
Posted March 27, 2025 8:10 am.
The $270 million invested by Quebec in Northvolt’s parent company in Sweden is no longer worth anything, the government confirmed.
“We believe the value of this amount is lost,” Christine Fréchette, Minister of Economy, Innovation and Energy, confirmed Wednesday.
This amount was part of the $2.9 billion invested by Quebec and Ottawa. The Caisse de dépôt et placement du Québec had also invested $200 million in the Swedish company.
“The Prime Minister claimed in the House that we had a factory in Sweden as collateral. That’s not true,” PQ MNA Pascal Paradis argued in a post on the X platform.
“Minister Fréchette claimed that Quebec had guarantees and a truly privileged status in the event of bankruptcy. That’s not true.”
Northvolt declared bankruptcy in Sweden on March 12. Its North American subsidiary remains active, but its future lies in the hands of the Swedish court-appointed trustee who will oversee the bankruptcy process.
Quebec also granted Northvolt $240 million to purchase the land in Montérégie. According to Ms. Fréchette, this sum is secured by security interests in the land and the assets of the Northvolt North American subsidiary.
–This report by La Presse Canadienne was translated by CityNews
