Sweden’s Northvolt plans to build an electric-vehicle battery gigafactory worth billions of dollars in Quebec.
The plant, Northvolt’s first outside of Europe, will be located on 170 acres of land in Saint-Basile-le-Grand and McMasterville, Que., about 30 kilometres east of Montreal. The first phase of the plant will produce lithium-ion batteries with 30 gigawatt hours of capacity, is valued at $7 billion and will create 3,000 jobs, said Prime Minister Justin Trudeau during a news conference.
That initial phase is slated to include adjacent cathode-materials production facilities, marking the first fully integrated EV battery production facility in Canada and one of few in the world, according to Trudeau.
Ottawa and the Quebec government have agreed to provide Northvolt with operation support that matches the U.S. Inflation Reduction Act’s advanced manufacturing credit of US$35 per kilowatt hour.
The feds and Quebec will also provide the Quebec plant with C$4.6 billion of additional production incentives. with the province paying one-third of that total. The two governments will also furnish C$1.34 billion and $1.37 billion, respectively, in capital commitments.
Monte Stewart serves as Content Director - Canada for Connect Commercial Real Estate.
Based in Vancouver, British Columbia, Monte provides daily news coverage of major Canadian commercial real estate markets, including Vancouver, Toronto, Montreal and Calgary. He has written about the real estate sector for various media outlets and Avison Young since the early 2000s.
In addition, he has covered sports, general news and business for several leading wire services and publications, including The Canadian Press, The Associated Press, The Calgary Herald, The Globe and Mail, Research Money, The Daily Oil Bulletin, Natural Gas World and The Toronto Star.
Monte is active in his community as a youth basketball coach and raises funds for such charitable causes as Movember.