Last week, Prime Minister Trudeau and Quebec Premier Francois Legault announced that Northvolt AB, a Swedish company, will be constructing a $7 billion electric vehicle battery plant outside Montreal.
Prime Minister Trudeau described it as a "historic and transformative announcement." Premier Legault referred to the project as "the biggest private investment in the recent history of Quebec."
The federal government has pledged $1.34 billion towards the construction of the plant, in addition to more than $3 billion in production incentives. Quebec has committed $2.9 billion for construction of the plant, in a combination of debt and equity financing.
The battery plant is projected to begin operations in 2026, with initial capacity to produce enough batteries to power one million electric vehicles per year. It is also expected to create up to 3,000 jobs in the region, and contribute $1.6 billion to the Canadian economy.
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