Northvolt, a Swedish battery maker, has filed for bankruptcy.The company received millions from Quebec taxpayers and was promised billions from the Liberals. Prime Minister Justin Trudeau referred to the company's Canadian activity as a "win–win–win."Based on photos and artist renderings found online, the company didn't build much on its site southeast of Montreal. "Northvolt has been discussing the possibility of bankruptcy protection in the United States as one of several options for the cash-strapped company to survive," reported Reuters recently.According to the National Post, Ontario's pension plans and Quebec’s Caisse de dépôt have significant investments in Northvolt, although the amount is unknown."Northvolt has in recent months gone from being Europe's best shot at a home-grown electric vehicle battery champion to racing to stay afloat by slimming down, hobbled by production problems, the loss of a major customer and trouble raising more cash,"reported Reuters.As the Government of Canada under Trudeau lauded the benefits of electric vehicles (EV) as a means of fighting climate change, promising to throw billions at various projects to build batteries, automakers around the world were scaling back or eliminating EV production.
Northvolt, a Swedish battery maker, has filed for bankruptcy.The company received millions from Quebec taxpayers and was promised billions from the Liberals. Prime Minister Justin Trudeau referred to the company's Canadian activity as a "win–win–win."Based on photos and artist renderings found online, the company didn't build much on its site southeast of Montreal. "Northvolt has been discussing the possibility of bankruptcy protection in the United States as one of several options for the cash-strapped company to survive," reported Reuters recently.According to the National Post, Ontario's pension plans and Quebec’s Caisse de dépôt have significant investments in Northvolt, although the amount is unknown."Northvolt has in recent months gone from being Europe's best shot at a home-grown electric vehicle battery champion to racing to stay afloat by slimming down, hobbled by production problems, the loss of a major customer and trouble raising more cash,"reported Reuters.As the Government of Canada under Trudeau lauded the benefits of electric vehicles (EV) as a means of fighting climate change, promising to throw billions at various projects to build batteries, automakers around the world were scaling back or eliminating EV production.
