Caisse de dépôt et placement du Québec’s executive vice-president, Kim Thomassin, said in a release the investment in the Swedish battery startup, which is building a gigafactory in the province, reflects the pension fund’s “high interest” in the battery sector. (The Logic)

Talking point: CDPQ joins the Investment Management Corporation of Ontario, Canada Pension Plan Investment Board and Ontario Municipal Employees Retirement System in backing Northvolt. Northvolt CEO Paolo Cerruti said CDPQ has been involved for months in preparation for the new plant, which begins construction before the end of the year. Federal and provincial subsidies for the EV battery business have raised questions about whether they will prove to be good investments. Cerruti said in a release Thursday that Northvolt aims to “integrate into the economic and social fabric of Québec,” and work with long-term investors like CDPQ.