CDPQ invests in Northvolt

MONTR\xc9AL, Nov. 16, 2023 /CNW/ - CDPQ announces that it is investing around CAD 200 million (USD 150 million) in Northvolt AB, a leading integrated battery platform focused on the R&D, manufacturing and recycling of sustainable battery cells and systems.This financing, in the form of convertible debt in the parent company located in Sweden, will contribute to the realization of the Northvolt Six project in Qu\xe9bec announced this fall. "With proven technology validated by its customers, who are major sustainable mobility manufacturers, Northvolt operates Europes first homegrown gigafactory in Sweden and is currently developing other projects to expand in Europe, in addition to the project announced recently in Qu\xe9bec.Groundwork for the construction of the Northvolt Six facilitya fully integrated battery factory in Saint-Basile-le-Grand and McMasterville, outside of Montr\xe9alis expected to start by the end of 2023. When fully built, the factory will have an annual production capacity of up to 60 GWh, with facilities to manufacture cathode active material, cells and recycled materials, effectively closing the battery loop on site.At CDPQ, we invest constructively to generate sustainable returns over the long term. As a global investment group managing funds for public pension and insurance plans, we work alongside our partners to build enterprises that drive performance and progress. Pioneering a sustainable model for battery manufacturing, the company has received $55 billion in orders from key customers, including BMW, Fluence, Scania, Volvo Cars and Volkswagen Group.