The province’s investment in the embattled Swedish battery startup in the form of convertible debt is “lost,” said Economic, Innovation and Energy Minister Christine Fréchette in Quebec’s National Assembly. Another investment of $240 million in Northvolt, which declared bankruptcy on March 12, is guaranteed by the company’s 171-hectare site east of Montreal where it planned to build a battery production facility. (The Logic)

Talking point: The Caisse de dépôt et placement du Québec, the province’s public pension fund manager, invested $200 million in Northvolt in 2023. Though it announced plans to invest $1 billion in the company that same year, the federal government “hasn’t paid any money to Northvolt,” Innovation, Science and Economic Development spokesperson Audrey Milette told The Logic.