- Northvolt is based in Stockholm, Sweden
- CDPQ is a global investment group managing funds for public pension and insurance plans
- The firm’s net assets totalled C$424bn as of 30 June
Caisse de dépôt et placement du Québec (CDPQ) has invested C$200 million ($145.73 million) in Northvolt, a Swedish battery platform focused on the R&D, manufacturing and recycling of sustainable battery cells and systems.
Northvolt is based in Stockholm.
This financing, in the form of convertible debt, will contribute to the realisation of the Northvolt Six project in Québec announced this fall, according to a release. Northvolt Six facility is a battery factory in Saint-Basile-le-Grand and McMasterville, outside of Montréal.
The groundwork for the construction of the Northvolt Six facility is expected to start by the end of 2023. The factory will have an annual production capacity of up to 60GWh, with facilities to manufacture cathode active material, cells and recycled materials, effectively closing the battery loop on site, the release said.
“The battery value chain is a high-interest sector for CDPQ, and with a favourable impact on the energy transition, we believe it will experience strong growth over the next decade, which we expect will benefit our depositors,” said Kim Thomassin, executive VP and head of Québec at CDPQ. “This sector is promising for Québec’s economic development and we want to contribute to that.”
CDPQ is a global investment group that invests on behalf of Quebec public pension and insurance plans. Its net assets totalled C$424 billion as of 30 June.