Northvolt AB’s tribulations are causing headaches far beyond its home base of Sweden, as taxpayer-supported EV battery projects face delays stretching from Germany to Canada.
Mathieu Dion, William Wilkes, and Petra SorgeBen McMillan, chief investment officer at IDX Advisors, joins BNN Bloomberg to discuss the latest trends in iron, steel and copper.
Cathode-making and recycling initiatives that are also part of the C$7 billion first phase in Quebec will be postponed further as the company reviews its ambitions, the people said, asking not to be identified with plans in flux. The federal and regional governments committed €902 million to the project, mostly in grants, and Chancellor Olaf Scholz attended the groundbreaking in March along with Economy Minister Robert Habeck, who hails from the region.
German support for the project in Heide is “unwavering” and its funding commitment isn’t affected by ramp-up problems at Northvolt’s main Swedish plant, a spokeswoman for the economy ministry said. A big part of that comes from the federal government, though the first disbursements will only start once those expenses have been incurred and audited, the people said. The province of Quebec has already lent out more than a third of its C$1.37 billion in capital commitments to the Northvolt Six project being built near Montreal.
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