Hydro-Québec says it has reached an agreement to acquire nearly 1.7 million square metres of land south of Montreal left vacant after Northvolt’s battery project failed, pending court approval.
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Hydro-Québec says it has reached an agreement to acquire a nearly 1.7-million-square-metre site south of Montreal that was left vacant after the Swedish company Northvolt’s battery project went bankrupt.
The Crown-owned utility said the transaction still requires court approval.
Hydro-Québec said it intends to use the land to build a new substation and establish a logistics centre.
The governments of Quebec and Canada had announced the $7-billion Northvolt project in 2023, touting it as the largest private investment in Quebec’s history, but construction on the battery cell mega-factory was never completed.
The Quebec government lost $270 million in the venture, the company said.
Hydro-Québec said: “Hydro-Québec will be able to discuss the next steps with the local community and the public once the transaction has been formally completed.”
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