After the $1.37 billion in all kinds of aid from the Quebec government, it is now the turn of the Caisse de dépôt etplacement (CDPQ) to invest $200 million in equity in Northvolt.
“The battery value chain is of great interest to CDPQ as not only will it have a positive impact on the energy transition, but we also expect it to expand significantly over the next decade and we want our depositors to benefit from this,” Kim said Thomassin, first vice-president and head of the CDPQ, Quebec, in a press release.
“CDPQ was involved in the process for several months and actively contributed to the creation of our future factory in Quebec,” said Paolo Cerruti, co-founder of Northvolt and CEO of Northvolt in North America.
Upcoming construction work
Construction of the Northvolt megafactory is expected to begin towards the end of the year. It will be located in Saint-Basile-le-Grand and McMasterville, in the suburbs of Montreal.
According to estimates by the project sponsors, it will have an annual production capacity of up to 60 GWh.
-More details to follow.