Last week, Prime Minister Trudeau and Quebec Premier Francois Legault announced that Northvolt AB, a Swedish company, will be constructing a $7 billion electric vehicle battery plant outside Montreal.
Prime Minister Trudeau described it as a “historic and transformative announcement.” Premier Legault referred to the project as “the biggest private investment in the recent history of Quebec.”
The federal government has pledged $1.34 billion towards the construction of the plant, in addition to more than $3 billion in production incentives. Quebec has committed $2.9 billion for construction of the plant, in a combination of debt and equity financing.
The battery plant is projected to begin operations in 2026, with initial capacity to produce enough batteries to power one million electric vehicles per year. It is also expected to create up to 3,000 jobs in the region, and contribute $1.6 billion to the Canadian economy.
General Fusion, a Canadian startup, secured US$22 million (C$30 million) in financing to fuel its plans to produce commercially viable fusion power.The round was a “pay-to-play” deal in which existing…
On August 20th, Ranovus announced a C$100 million investment to develop and manufacture semiconductors at its Ottawa facility, expanding Ontario’s chip manufacturing capacity. In recent years, the…
Klarna is preparing for its long-awaited initial public offering, which has been approved to list on the New York Stock Exchange under the ticker symbol “KLAR.” Widely known as a buy now, pay later…
Toronto-based startup Waabi is shifting gears from research and development to commercialization, as founder Raquel Urtasun aims to bring autonomous trucking to market by the end of 2025.Waabi’s…
Garage, an online marketplace for emergency vehicles and equipment used by fire and EMS departments, announced a US$13.5 million Series A funding round led by Infinity Ventures. The round also…
Bluesky, a social network competitor of X, Threads and other open networks including Mastodon, is revisiting its community guidelines and other user policies to provide more clarity around user safety…
