Swedish lithium-ion battery producer Northvolt said on Thursday it would open a $5.2 billion gigafactory in Quebec, the largest ever investment in the Canadian province and the latest in electric vehicle battery manufacturing capacity in the country.
This is the best summary I could come up with:
STOCKHOLM/TORONTO, Sept 28 (Reuters) - Swedish lithium-ion battery producer Northvolt said on Thursday it would open a $5.2 billion gigafactory in Quebec, the largest ever investment in the Canadian province and the latest in electric vehicle battery manufacturing capacity in the country.
Northvolt already has several European factories and is among a handful of players building a domestic battery industry to fight off the dominance of Asian manufacturers.
It has raised more than $9 billion in debt and equity since 2017 in its bid to become Europe’s biggest battery manufacturer, including $1.2 billion last month from investors including Canada Pension Plan and Ontario Municipal Employees Retirement System.
He pointed to the availability of sustainable energy, access to skilled workers, proximity to natural resources and other factors such as the attitude of the governments as reasons for the decision.
The $369-billion U.S. Inflation Reduction Act (IRA) passed last year has prompted companies including Northvolt to look across the Atlantic, attracted by hefty subsidies and cheaper energy.
“IRA took the industry by surprise,” Cerruti said, adding Northvolt had decided to put together a site selection team around a year ago, accelerating the process earlier in 2023.
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