Latest news with #Northvolt
CTV News
6 hours ago
- Business
- CTV News
Quebec's Auditor General to audit province's funding of companies like Northvolt
The heat is rising for Quebec Premier François Legault as opposition parties demand more answers about his government's investment in the planned Northvolt battery factory near Montreal. The entrance to Northvolt is shown in Saint-Basile-le-Grand, east of Montreal, on Thursday, May 16, 2024. THE CANADIAN PRESS/Christinne Muschi QUÉBEC — The office of Quebec's auditor general says it is investigating the millions of dollars in subsidies given by the province to the electric battery industry. Major players in the sector have come under severe financial difficulties, such as vehicle maker Lion Electric and battery manufacturer Northvolt. A spokesperson for the auditor general's office wouldn't give details on the status of the investigation, only saying a report is expected in the spring. The Quebec government gave $270 million to Northvolt's Swedish parent company before it filed for bankruptcy in Europe. Quebec's pension fund manager — Caisse de dépôt et placement du Québec — invested $200 million in the company. Meanwhile, Lion electric was recently purchased for a fraction of its former value after it went into bankruptcy protection, with the Quebec government losing its $140-million investment. This report by The Canadian Press was first published July 29, 2025. The Canadian Press
Montreal Gazette
8 hours ago
- Business
- Montreal Gazette
Quebec auditor general probes subsidies to embattled electric battery industry
Quebec Politics QUEBEC CITY — The office of Quebec's auditor general says it is investigating the millions of dollars in subsidies given by the province to the electric battery industry. Major players in the sector have come under severe financial difficulties, such as electric-vehicle maker Lion Electric and battery manufacturer Northvolt. A spokesperson for the auditor general's office wouldn't give details about the status of the investigation, only saying a report is expected in the spring. The Quebec government gave $270 million to Northvolt's Swedish parent company before it filed for bankruptcy in Europe. Quebec's pension fund manager — Caisse de dépôt et placement du Québec — invested $200 million in the company. Meanwhile, Lion Electric was recently purchased for a fraction of its former value after it went into bankruptcy protection, with the Quebec government losing its $140-million investment.
Global News
8 hours ago
- Business
- Global News
Quebec auditor general investigating subsidies to embattled electric battery industry
See more sharing options Send this page to someone via email Share this item on Twitter Share this item via WhatsApp Share this item on Facebook The office of Quebec's auditor general says it is investigating the millions of dollars in subsidies given by the province to the electric battery industry. Major players in the sector have come under severe financial difficulties, such as vehicle maker Lion Electric and battery manufacturer Northvolt. Get breaking National news For news impacting Canada and around the world, sign up for breaking news alerts delivered directly to you when they happen. Sign up for breaking National newsletter Sign Up By providing your email address, you have read and agree to Global News' Terms and Conditions and Privacy Policy A spokesperson for the auditor general's office wouldn't give details on the status of the investigation, only saying a report is expected in the spring. The Quebec government gave $270 million to Northvolt's Swedish parent company before it filed for bankruptcy in Europe. Quebec's pension fund manager — Caisse de dépôt et placement du Québec — invested $200 million in the company. Meanwhile, Lion electric was recently purchased for a fraction of its former value after it went into bankruptcy protection, with the Quebec government losing its $140-million investment. Story continues below advertisement This report by The Canadian Press was first published July 29, 2025.
CBC
8 hours ago
- Business
- CBC
Quebec auditor general probes subsidies to embattled electric battery industry
The office of Quebec's auditor general says it is investigating the millions of dollars in subsidies given by the province to the electric battery industry. Major players in the sector have come under severe financial difficulties, such as vehicle maker Lion Electric and battery manufacturer Northvolt. A spokesperson for the auditor general's office wouldn't give details on the status of the investigation, only saying a report is expected in the spring. The Quebec government gave $270 million to Northvolt's Swedish parent company before it filed for bankruptcy in Europe. Quebec's pension fund manager — Caisse de dépôt et placement du Québec — invested $200 million in the company. Meanwhile, Lion Electric was recently purchased for a fraction of its former value after it went into bankruptcy protection, with the Quebec government losing its $140-million investment.
Winnipeg Free Press
9 hours ago
- Business
- Winnipeg Free Press
Quebec's Auditor General to audit province's funding of companies like Northvolt
QUÉBEC – The Auditor General of Quebec has launched an investigation in the province's mass funding of the electric car battery industry. The auditor general made the announcement Tuesday. It comes following concerns over the province's funding of electric vehicle megaprojects like Northvolt under former Quebec Economy Minister Pierre Fitzgibbon. The Swedish electric car battery producer was given $270 million from the province before its parent company went bankrupt earlier this year. The province has also invested $177 million into Lion Electric, which produces electric school buses. It sought creditor protection back in December, a group of Quebec investors have since reached a deal to acquire and relaunch the company since then, however. This report by The Canadian Press was first published July 29, 2025.
