Provincial economy minister Christine Fréchette said Quebec has closed out its financing deal with the Swedish battery maker, and will instead try to recover as much of its $510-million investment as possible. The province expects its $240 million loan to the company will be repaid, but a $270 million investment in the parent company is likely lost. (The Logic)

Talking point: It’s an anticlimatic end to a $7-billion factory that was once one of the world’s biggest foreign direct investment projects. California-based Lyten bought most of Northvolt out of insolvency last month, and had hoped to buy the Quebec factory site as well. But the provincial government was unsatisfied with the business plan for the plant, and announced Tuesday it is cutting its losses. Though other local electric vehicle companies like Lion Electric have faced insolvency, Fréchette said in a release that she is optimistic about the broader sector. The province said it is studying how to re-allocate 352 megawatts of energy that was set aside for Northvolt.