Funding

[Funding alert] Canada’s Caisse de Depot et Placement du Quebec (CDPQ) has Invested $150 Million in Northvolt

Nov 18, 2023 | By Startup Rise EU

Canada’s Caisse de Depot et Placement du Quebec (CDPQ) has invested $150 million in Northvolt. The objective of the funding is to allow Northvolt to build its sixth gigafactory, which will be its first outside of Europe.

Canada’s Caisse de Depot et Placement du Quebec (CDPQ) has invested $150 million in Northvolt & also expansion in Quebec. The objective of the funding is to allow Northvolt to build its sixth gigafactory, which will be its first outside of Europe.

Northvolt, which released its announcement at the beginning of October, plans to develop a fully integrated battery manufacturing facility on a 170-hectare plot of land in the Quebec province that is located near McMasterville and Saint-Basile-le-Grand, just outside of Montréal.

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Northvolt even estimated that the six of Northvolt Six will be comparable to the size of about 1,000 hockey rinks as a sign of localization. Over 3,000 employment will be generated in the area by the initial phase of construction, which Northvolt said will begin before the year ends.

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The business projects that cell production will begin in 2026 and reach its optimum level by 2028. The project's ultimate goal is to produce 60GWh of energy, or enough batteries to power one million electric vehicles.

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The Investment Management Corporation of Ontario bought $400 million in convertible notes from Northvolt in June of this year, thus Caisse de Depot et Placement du Quebec is not the first Canadian investment in the company.

Northvolt co-founder and CE of Northvolt North America Paolo Cerruti shared: “Involved in the process for several months, the CDPQ actively contributed to the arrival of our future factory in Quebec. We are very pleased to be able to partner with a major long-term institutional investor who is committed to the economic and energy development of Quebec."

About Northvolt

Northvolt was founded to establish a sustainable battery sector and facilitate the shift to a decarbonized future. In order to do this, we've created a brand-new method for producing batteries that is based on a dedication to recycling, sustainable raw material procurement, and fossil fuel-free energy.

Read also - UK-based Accenture Acquire 6point6

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