The 3 key elements:
- Swedish battery maker, Northvolt, announces plans to set up a $5.2 billion gigafactory in Quebec, aiming for operational status by 2026.
- Initial funding involves Northvolt’s contribution of $3.2 billion, with local and federal governments in Canada pitching in $1 billion each; the plant’s capacity is projected to reach up to 60 GWh with future investments.
- Factors influencing Northvolt’s decision include Canada’s sustainable energy resources, skilled labor, favorable government attitude, and the U.S. Inflation Reduction Act’s influence in attracting companies with subsidies and affordable energy.
Source: https://www.reuters.com/business/autos-transportation/swedens-northvolt-build-52-bln-battery-factory-canada-2023-09-28/