The Quebec government has walked away from Northvolt AB’s Canadian electric vehicle battery plant, closing the chapter on a high-profile project derailed by the company’s bankruptcy.
“Today, we are ending our funding of Northvolt in Quebec,” Economy Minister Christine Frechette said in a news release. “As the company has not presented a satisfactory plan with regard to Quebec’s interests, we are asserting our rights in order to recover as much of our investment as possible. This venture has proved unsuccessful, and we are obviously disappointed.”
In August, Lyten Inc., a California startup that develops lithium-sulfur batteries, agreed to acquire all of Northvolt’s remaining European assets. No financial details were released, but the American purchaser said then that it was buying the assets at a “significant discount” to their estimated value of roughly $5 billion.
Lyten had…
