Parent Company’s Bankruptcy Causes Uncertainty About Northvolt’s Quebec Battery Plant Status
It’s uncertain whether the project for Northvolt North America’s electric vehicle battery plant in Quebec will continue following its parent company’s bankruptcy filing in Sweden on Wednesday.
The Canadian subsidiary of the manufacturer stated that Northvolt AB made strenuous efforts to secure a viable financial and operational future but ultimately failed.
Northvolt North America has asserted its solvency and commitment to fulfilling its obligations, including those to its employees.
The battery plant project, known as Northvolt Six and set to be built approximately 25 kilometers east of Montreal, represents a $7 billion endeavor to produce battery cells and cathode active material for electric vehicles.
Spokesperson Emmanuelle Rouillard-Moreau declined to confirm if construction on the project will proceed as part of Northvolt North America’s commitment to honoring obligations.
She stated that decisions concerning the subsidiary will be made by the court-appointed trustee of Northvolt AB in conjunction with the group’s lenders at the appropriate juncture.
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