TD Insurance Launches New AI Virtual Assistant
TD Insurance launches a new AI-powered Virtual Assistant to help Canadians manage claims, check coverage, and get instant answers 24/7 through the TD app.
Northvolt Wipeout: Quebec Loses $270 Million in EV Gamble
Quebec’s $270 million investment in the Swedish parent company of battery maker Northvolt is gone, the provincial government confirmed on Wednesday.
“The value of that amount is considered lost,” said Quebec’s Minister of Economy, Innovation and Energy, Christine Fréchette, during a press conference, as reported by La Presse.
The investment was part of a broader $2.9 billion package backed by both Quebec and the federal government to support Northvolt’s operations. Quebec’s pension fund manager, the Caisse de dépôt et placement, also invested $200 million in the Swedish firm.
Critics say the government misled the public about the security of the investment. Parti Québécois MNA Pascal Paradis said on X that Premier François Legault was wrong to claim that Quebec had a factory in Sweden as collateral. He also challenged Fréchette’s earlier statements that Quebec held guarantees and a privileged status in the event of bankruptcy.
The federal government touted its Northvolt investment as a plan for the future of Quebec back in the fall of 2023. That dream is now dead in the water.
We're building the Quebec of tomorrow!
NorthVolt is:
▶️ a total investment of $7 billion
▶️ one site = 318 soccer fields
▶️ consolidating Quebec's position in the automotive sector
▶️ manufacturing the world's greenest batteries
▶️ creating 3,000 jobs! pic.twitter.com/9UNf7xLomg
— François-Philippe Champagne (FPC) 🇨🇦 (@FP_Champagne) September 29, 2023
Northvolt AB, the Swedish parent company, filed for bankruptcy on March 12. Its North American subsidiary remains in operation, but its future is now in the hands of a court-appointed trustee in Sweden.
In addition to the now-lost $270 million, Quebec also provided $240 million to help Northvolt purchase land in Montérégie for its Canadian operations. Fréchette said those funds are secured through claims on the land and assets of Northvolt’s North American branch.
Want to see more of our stories on Google?
P.S. Want to keep this site truly independent? Support us by buying us a beer, treating us to a coffee, or shopping through Amazon here. Links in this post are affiliate links, so we earn a tiny commission at no charge to you. Thanks for supporting independent Canadian media!
Other articles in the category: News
Amazon Expands Supply Chain Services to All Businesses
Amazon is opening its global supply chain and logistics technology to all businesses, including those not selling on Amazon, to streamline global shipping.
Wise Launches First Multi-Currency Interest Account for Canadians
Wise launches a first-of-its-kind interest feature in Canada, allowing users to earn up to 3.14% returns on USD, CAD, EUR, and GBP with no lock-up periods.
And does that mean the remaining $2.6 Billion from the feds is also lost?
I guess burning cash on vanity projects is ok when it’s someone else’s money.
I guess they just give money away based on a PowerPoint deck..ArriveCan was a steal at $60M now..lol
Only if that PowerPoint is a list of Liberal insiders and donors.
It’s money laundering at national scale. Feds payout out billions to friends, friends donate millions to Liberals. Taxpayer money used to fund Liberal party.
Similarly, Feds fund NGOs using taxpayer money, NGO use that money to lobby the Libs, donate to the Libs and promote lib policy. Feds write new policy based on lobbyist input, lobbyists produce the input from lib policy. Taxpayer money used by libs to lobby themselves.
The mafia couldn’t come up with a better bracket.
Maybe now they will start thinking about that pipe line ehh