February 26, 2024

After the $1.37 billion in every kind of support from the Quebec authorities, it’s now the flip of the Caisse de dépôt etplacement (CDPQ) to take a position $200 million in fairness in Northvolt.

“The battery worth chain is of nice curiosity to CDPQ as not solely will it have a optimistic impression on the power transition, however we additionally anticipate it to develop considerably over the subsequent decade and we would like our depositors to learn from this,” Kim mentioned Thomassin, first vice-president and head of the CDPQ, Quebec, in a press launch.

“CDPQ was concerned within the course of for a number of months and actively contributed to the creation of our future manufacturing facility in Quebec,” mentioned Paolo Cerruti, co-founder of Northvolt and CEO of Northvolt in North America.

Upcoming building work

Development of the Northvolt megafactory is predicted to start in the direction of the top of the 12 months. It will likely be situated in Saint-Basile-le-Grand and McMasterville, within the suburbs of Montreal.

In response to estimates by the mission sponsors, it is going to have an annual manufacturing capability of as much as 60 GWh.

-Extra particulars to observe.