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MONTREAL \u2014 The Quebec government says it has recovered nearly $200 million on its loan to the North American branch of battery maker Northvolt.<\/p>\n
The money comes from bank accounts belonging to Northvolt that were frozen after its Swedish parent company declared bankruptcy in March.<\/p>\n
Quebec announced this week it would provide no more funding for the project and is now trying to recover a $240-million guaranteed loan that allowed Northvolt to purchase land for a battery plant near Montreal.<\/p>\n
The government is asking Quebec Superior Court to declare the company insolvent and authorize a process for the sale or repossession of the land.<\/p>\n
Quebec has already lost a $270-million investment in the parent company, and says the debt on the loan is now worth $260 million with interest.<\/p>\n
The battery project was once hailed as the largest private investment in Quebec\u2019s history, but construction on the plant never got beyond preparatory stages.<\/p>\n
\u00a92025 The Canadian Press<\/strong><\/p>\n<\/p><\/div>\n