Northvolt buys land in the Monteregie for its battery factory

Swedish company Northvolt, which intends to build a vast vehicle battery plant in Quebec's Montérégie region, has acquired 18.5 million sq. ft. of land in McMasterville and Saint-Basile-le-Grand for its project.

The area was formerly a site for an explosives factory, Canadian Industries Limited (CIL), but the land has been undeveloped for almost 25 years.

The transaction was announced on Wednesday by Quartier MC2, a company owned by Gestion immobilière GAP, which had owned the land since 2015.

The sales price has not been announced.

Quartier MC2 points out that the site was operated by heavy industry, and the soils are contaminated.

However, it plans to revitalize it to benefit its new industry, which produces green energy.

Northvolt is slated to receive a colossal $7.3 billion in financial assistance from the Canadian and Quebec governments to carry out the project.

Last month, the company announced plans to prepare the plant site this fall by beginning construction of some buildings in 2024, delivering products to customers in 2026 and completing the first phase of construction in 2028.

Last month, Northvolt executives held an information session for residents wanting to raise concerns about the project.

-- This report by The Canadian Press was first published in French on Nov. 1, 2023.