It’s Caisse’s turn to invest $200 million in Northvolt

After $1.37 billion from the Quebec government in the form of aid of all kinds, it was the turn of the CDPQ to invest $200 million in Northvolt, in the form of convertible debt in the parent company in Sweden.

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“The battery value chain is of great interest to CDPQ, because in addition to its positive impact on the energy transition, we believe it will see strong expansion in the next decade, and we would like to benefit our depositors from this,” Kim said. Thomasin, senior vice-president and president of the CDPQ in Quebec, said in a press release.

“Having been involved in this process for several months, CDPQ has actively contributed to the arrival of our future factory in Quebec,” said Paolo Cerruti, Northvolt co-founder and CEO of Northvolt North America.

In mid-September, Newspaper It revealed that Quebec was preparing to invest approximately $1.4 billion of public funds in Northvolt.

During the official announcement, with the political elite, the government added another $1.5 billion in incentives for production if things went well, for a total of nearly $3 billion.

Upcoming construction

Construction of the massive Northvolt plant is expected to begin at the end of the year. It will be based in Saint-Basile-le-Grand and McMasterville on the outskirts of Montreal.

According to estimates by those in charge of the project, its annual production capacity is expected to reach 60 gigawatts per hour.

beginning of november, Newspaper He emphasized that real estate investor Luc Poirier achieved great success by selling land paid for $20 million, in 2015, more than $240 million to the Swedish company Northvolt, which was able to pay for it with a repayable loan from Quebec.

last Thursday, Newspaper Reportedly, Investissement Québec (IQ) has just appointed its new Battery Sector Director, Sarah Larose.