shockedcanadian
Diamond Member
- Aug 6, 2012
- 43,897
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This is why we need to return to CAPITALISM , not CORPORATISM that is bankrupting the West.
Who the hell even lost their job over this? How do we know this isn't just a massive money laundering scheme?
Quebec's Northvolt project is officially dead — and the government says it is cutting its losses.
Christine Fréchette, Quebec's economy minister, announced Tuesday that the province will invest no further money in Northvolt Batteries North America.
"The company's failure to present a satisfactory plan with regard to Quebec's interests has led us to assert our rights in order to recover as much of our investment as possible," Fréchette's said in a statement. "This venture proved unsuccessful, and we are obviously disappointed."
The announcement spells the end to Northvolt's highly touted, but controversial, plan to build a $7-billion plant in Saint-Basile-le-Grand and McMasterville in the Montérégie region. The Quebec government had supported the proposal and changed its own rules, allowing the project to bypass an environmental review.
Quebec had invested $510 million in the project, saying it would create 3,000 jobs in the area and make Quebec a battery producing powerhouse.
The investments included a $240-million guaranteed loan and a $270-million investment in Northvolt Batteries North America's parent company.
Who the hell even lost their job over this? How do we know this isn't just a massive money laundering scheme?
Quebec's Northvolt project is officially dead — and the government says it is cutting its losses.
Christine Fréchette, Quebec's economy minister, announced Tuesday that the province will invest no further money in Northvolt Batteries North America.
"The company's failure to present a satisfactory plan with regard to Quebec's interests has led us to assert our rights in order to recover as much of our investment as possible," Fréchette's said in a statement. "This venture proved unsuccessful, and we are obviously disappointed."
The announcement spells the end to Northvolt's highly touted, but controversial, plan to build a $7-billion plant in Saint-Basile-le-Grand and McMasterville in the Montérégie region. The Quebec government had supported the proposal and changed its own rules, allowing the project to bypass an environmental review.
Quebec had invested $510 million in the project, saying it would create 3,000 jobs in the area and make Quebec a battery producing powerhouse.
The investments included a $240-million guaranteed loan and a $270-million investment in Northvolt Batteries North America's parent company.
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