Swedish manufacturer Northvolt is close to a deal to build an electric-vehicle battery plant near Montreal, a project that’s expected to be worth about $7 billion, according to people familiar with the matter.
The Canadian and Quebec governments are preparing to give financial aid to Northvolt that may be worth billions, following a similar agreement with Volkswagen to build an EV battery plant in Ontario, the people said.
A deal with Northvolt would underscore Prime Minister Justin Trudeau’s ambitions for Canada to capture a sizeable piece of the North American electric-vehicle supply chain, at a huge cost to the public purse. Trudeau’s government, and the government of Ontario, have pledged more than $13 billion to Volkswagen for its proposed factory in St. Thomas, Ont. They’re also in talks with Stellantis on a EV battery plant in the city of Windsor, Ont., across the border from Detroit.
The amount of government money at stake is large because Canadian officials are trying to match the incentives companies would receive under the U.S. Inflation Reduction Act if they built their manufacturing facilities in the United States. The U.S. law, signed by President Joe Biden last year, offers ongoing subsidies for the production of electric vehicle batteries, not simply the cost of constructing new plants.
By choosing Quebec, Northvolt, which says its goal is to build the “world’s greenest battery,” will benefit from the province’s low-cost and clean hydroelectric power.
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Maple Leafs announce upcoming season schedule, highlighted by two games in SwedenThe Toronto Maple Leafs have announced their 2023-24 schedule, and for the first time ever, they’ll be playing a regular season game outside of North America when they visit Sweden in November.
Read more »
Maple Leafs announce upcoming season schedule, highlighted by two games in SwedenThe Toronto Maple Leafs have announced their 2023-24 schedule, and for the first time ever, they’ll be playing a regular season game outside of North America when they visit Sweden in November.
Read more »
Amber Alert issued in Quebec for twin girls allegedly abducted by mother | CBC NewsAn Amber Alert has been issued in Quebec for the disappearance of two girls, six-year-old twins, allegedly abducted by their mother Tuesday. The mother, Geneviève Goupil, is described in the alert as 'mentally unstable.'
Read more »
NASA says smoke from Quebec fires covering parts of southwestern EuropeNASA is reporting that smoke from wildfires in northern Quebec has reached Europe.
Read more »
Quebec advocates take aim at no-pet clauses in leases amid housing crisisTobias Gurl thinks his five-year-old collie, Winston, is a pretty ideal roommate: she's quiet, well-trained and indispensable to her owner's well-being.
Read more »
Wildfires burning in Ontario and Quebec send smoke south, triggering air quality warningsChicago, Detroit and Toronto currently hold three of the top four spots on Air-I-Q’s global ranking for poor air quality
Read more »