Goldman Sachs Group Inc. and several other investors willing to provide a bridge loan to Northvolt AB are seeking shares in the embattled battery maker’s Canadian unit as collateral in return for their help.
Mathieu Dion, Eyk Henning, and Rafaela LindebergRachel Doran, vice-president of policy and strategy at Clean Energy Canada , joins BNN Bloomberg to discuss the outlook for Canada 's EV market.
The investment bank, which is spearheading the group, has asked the Quebec government’s financial arm, Investissement Quebec, to give Northvolt the green light to pledge equity in the Canadian subsidiary as security, according to people familiar with the matter. Investors looking to inject fresh capital are seeking Investissement Quebec’s help because it’s a senior lender on a Canadian project: It has a C$240 million senior secured loan tied to the land where a new battery plant is being built.
If Northvolt were to go bankrupt, Quebec would first be repaid on its senior loan — as long as there’s money left in the Canadian unit — and then other investors would have the right to any remaining assets.
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