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.
Dominion Dynamics, an Ottawa-based defense technology company, has partnered with Arctic Training Centre, a training and testing facility based in the Yukon, to develop and test its technologies. This…
Smartphone startup Nothing has closed a US$200 million Series C round, led by Tiger Global, bringing its valuation to US$1.3 billion. Other investors in the round included returning investors GV…
OpenWav, an audio streaming app that launched over the summer, continues to build momentum on its mission to return the power in the music industry to the artists at its centre.The app -- its name a…
Founded in 2014, Vancouver-based healthcare startup Molecular You provides greater visibility into individual health through its direct-to-consumer blood testing platform. Using advanced quantitative…
NASA recently announced that its Perseverance rover has uncovered the clearest evidence yet of ancient life on Mars. The discovery concerns a reddish rock sample named Sapphire Canyon collected in…
Doctors at the University Health Network’s Toronto Western Hospital recently performed the first-ever implantations of the Neuralink brain-computer interface (BCI) outside of the United States. These…
