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Northvolt to Invest $5B in Li-ion Battery Factory
The factory will be the first one for the company in North America.
Posted by Staff
September 29, 2023
2 Min Read
A rendering of Northvolt’s planned $5 billion li-ion battery gigafactory near Montreal, CAN.Image courtesy of Northvolt
Northvolt is planning to build a 170-hectacre fully integrated lithium-ion battery gigafactory in Saint-Basile-le-Grand and McMasterville, a suburb of Montreal, Quebec, CAN. The factory, titled Northvolt Six, will have an annual cell production capacity of 60 GWh, with adjacent facilities for the production of cathode active materials and recycling, enabling circular production entirely on site.
Construction of the first 30 GWh phase of the project is expected to begin by the end of this year, and the first batteries are expected to be delivered in 2026. This first phase of cathode manufacturing, cells, and recycling will require a total investment of USD $5 billion (CAD $7 billion) and will employ up to 3,000 people. The project is being developed with financial support from the governments of Canada and Quebec and represents the largest private investment in the history of Quebec.
“Since we founded Northvolt seven years ago, we have pursued one goal: to establish a new sustainable model for battery manufacturing. Today we are expanding Northvolt's ambitions in Canada," said Peter Carlsson, CEO and co-founder of Northvolt.
The new site for Northvolt Six in McMasterville and Saint-Basile-le-Grand, Montreal, will enable the company to meet its commitment to sustainable battery production. Quebec hydroelectricity guarantees cell production from 100% renewable energy, and the region represents an ideal location in the value chain of the North American automotive industry.
“The potential for Northvolt Six is enormous, not only to rapidly develop our capacity to deliver sustainable batteries to the North American market, but also to accelerate the emergence of Quebec as a key player in the global energy transition," said Paolo Cerruti, co-founder of Northvolt, who will lead the project as CEO of Northvolt in North America, headquartered in Montreal.
"With its unique access to 100% renewable energy and raw materials, we consider Quebec to be the ideal base of operations for Northvolt's first gigafactory outside of Europe. We look forward to collaborating with all local stakeholders and the province, to make Northvolt Six an example of sustainable investment," he added.
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