Goldman Sachs and several other investors are reportedly seeking collateral, including a stake in Northvolt’s Canadian subsidiary, in exchange for offering a bridge loan to the struggling Swedish battery maker’s parent company. But the Quebec government reportedly wants to preserve Investissement Québec’s (IQ) existing investment, with Premier François Legault saying, “We’re not afraid of Goldman Sachs.” (Radio Canada, Bloomberg, La Presse Canadienne) 

Talking point: The reports have sparked mounting concern that the fate of Northvolt’s imperiled $7-billion Quebec gigafactory will be decided by U.S. creditors and Swedish executives, rather than local backers that have committed taxpayer funds to the project. The negotiations between Goldman Sachs and Northvolt are part of a rescue package of about US$300 million, which Northvolt urgently needs, Bloomberg said. An unnamed government source told La Presse Canadienne that Quebec wants to stick with IQ’s $500-million investment in Northvolt. In response to the reports, Legault said “there is no question of adding money” to its Northvolt investment.