Hyperdrive
Northvolt Is Near Deal With Canada on $5.3 Billion Battery Plant
- Swedish firm in line for billions in help from Canada, Quebec
- A deal would underscore Trudeau ambitions on EV manufacturing
An anode oven at a Northvolt plant in Skelleftea, Sweden
Photographer: Mikael Sjoberg/BloombergThis article is for subscribers only.
Swedish manufacturer Northvolt AB is close to a deal to build an electric-vehicle battery plant near Montreal, a project that’s expected to be worth about C$7 billion ($5.3 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 AG to build an EV battery plant in Ontario, the people said. An announcement is likely to be made in the coming weeks, though negotiators are still working on final details, they said, speaking on condition they not be identified because the matter is private.