News Summary

The Quebec government has successfully recovered nearly $200 million from a loan given to Northvolt, a battery maker with a North American branch, following the Swedish parent company’s bankruptcy. This development is part of efforts to recover a $240-million guaranteed loan that facilitated land acquisition for a battery plant near Montreal. Despite being touted as Quebec’s largest private investment, the project stalled and only reached preparatory stages. The government is now seeking a Quebec Superior Court declaration of the company’s insolvency and the authorization for the land’s sale or repossession. The province has already lost a $270-million investment in the parent company, and the debt on the loan now stands at $260 million with interest.