Sweden’s Northvolt to build $5.2 billion battery factory in Canada

Swedish lithium-ion battery producer Northvolt said on Thursday it would open a $5.2 billion gigafactory in Quebec, the largest ever investment in the Canadian province and the latest in electric vehicle battery manufacturing capacity in the country. Northvolt will invest $3.2 billion of the total with the local and federal government each contributing $1 billion, Northvolt Co-Founder Paolo Cerruti told Reuters. The first phase will provide 30 gigawatt hours (GWh) of production capacity, before eventually expanding to 60 GWh with investments approaching $9 billion, said Cerruti, who will lead the project as CEO of Northvolt North America.