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CDPQ invests CAD 200 million in Northvolt to support Quebec battery factory and Northvolt Six project.

Cisse de depot et placement du Quebec (CDPQ) will invest CAD 200 million ($145.4m/EUR 133.9m) into Swedish battery developer Northvolt AB to fund the construction of its planned battery factory in Quebec. The investment will come in the form of convertible debt in the parent company, CDPQ, and will also support the Northvolt Six project near Montreal. The fully integrated production facility will be able to produce up to 60 GWh of batteries per year from recycled materials. Northvolt, founded in 2016, currently manufactures battery cells at a gigafactory in Skelleftea, northern Sweden and is set to launch production at a Polish factory by the end of the year. The company has customers including BMW, Fluence, Scania, Volvo Cars and the Volkswagen Group among its customers.

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