It’s unclear whether Northvolt North America’s electric vehicle battery plant project in Quebec will proceed after its parent company filed for bankruptcy in Sweden on Wednesday.
The manufacturer’s Canadian subsidiary says Northvolt AB underwent an “exhaustive effort ... to secure a viable financial and operational future” but was ultimately unsuccessful.
Northvolt North America says it remains solvent and intends to honour its obligations, including toward its employees.
Its battery plant project, dubbed Northvolt Six and slated for construction about 25 kilometres east of Montreal, amounts to a $7-billion undertaking that aims to churn out battery cells and cathode active material for electric vehicles.
Spokeswoman Emmanuelle Rouillard-Moreau would not confirm when asked if construction on the project will move ahead as part of Northvolt North America’s commitment to honour obligations.
She says any decisions regarding the subsidiary “will be made by the court-appointed trustee of Northvolt AB, together with the group’s lenders, at the appropriate time.”
