Northvolt: how much is Quebec's investment now worth?
Aerial view of the site of the future Northvolt plant in Montérégie. Photo taken on May 16, 2024. (The Canadian Press/Christinne Muschi)
The opposition tried unsuccessfully on Wednesday to find out more about the state of public funds invested in Northvolt.
The Swedish battery manufacturer is experiencing serious financial difficulties, raising questions about the feasibility of its $7 billion factory project in the Montérégie region.
The value of the public funds invested by Quebec is close to a billion dollars, but it is impossible to know whether this portfolio has now been devalued as a result of the company's woes.
Liberal MP Frédéric Beauchemin repeatedly questioned Finance Minister Eric Girard, but it was the Minister for the Economy, Christine Fréchette, who replied without giving precise estimates.
According to PQ MP Pascal Paradis, Quebec's investment is at risk.
In a press scrum, he quoted the President of Investissement Québec, Bicha Ngo, who suggested that Quebec would not be a priority creditor.
Paradis called for the terms of the debentures granted to Northvolt to be made public.
-This report by The Canadian Press was first published in French on Sept. 25, 2024.
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