The Swedish battery startup said its plant near Montreal, which will make enough batteries for 1 million electric cars a year, is “the largest private investment in Quebec’s history.” It will get $1.34 billion in federal funding and $1.37 billion in provincial funding upfront, and up to $4.6 billion in additional production incentives, with the province covering a third of that cost. (The Logic)

Talking point: As The Logic reported in April, Northvolt’s buzzy battery-making and recycling technology, which already has resulted in US$55 billion in orders, has already gotten interest from major players in Canada—and now more is pouring in. The package of incentives on offer mirror those in the U.S. Inflation Reduction Act; the U.S. moves also influenced Canadian negotiations with Volkswagen and Stellantis. Volkswagen, also a Northvolt investor, is building its own gigafactory in Ontario, and Volvo makes buses in Quebec. Northvolt is also backed by OMERS, and more recently, CPP Investments. The $7-billion first phase of the factory, which will house about half the battery-building capacity, will employ up to 3,000. The company said the batteries will be shipped to automakers within North America.