Northvolt's expansion to Quebec: CDPQ invests $150M to support construction of Northvolt Six

Canada’s Caisse de Depot et Placement du Quebec (CDPQ) has invested $150 million in Stockholm-based sustainable lithium-ion battery maker Northvolt via convertible notes. The financing is aimed at supporting the realisation of Northvolt’s sixth gigafactory and first outside of Europe.

Northvolt arrive au Québec

Announced in early October, Northvolt intends to build a fully integrated battery manufacturing plant on a 170-hectare site in McMasterville and Saint-Basile-le-Grand just outside the city of Montréal in the province of Quebec. In an expression of localisation, Northvolt went so far as to calculate that the six of Northvolt Six will be equivalent to the size of approximately 1,000 hockey rinks.

Batteries for one million electric cars

According to Northvolt the first phase of construction is set to commence before year’s end and will generate over 3,000 jobs in the region. The company is expecting to begin cell production in 2026 and reach full capacity by 2028. When complete, the project aims to achieve a 60GWh output capacity, enough batteries for one million electric cars.

Caisse de Depot et Placement du Quebec is not the first Canadian investment in Northvolt, as the Investment Management Corporation of Ontario snapped up $400 million in convertible notes in June of this year.

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."

Lead image: a 3D rendering of Northvolt Six. Source: Northvolt.