Northvolt, a Swedish battery manufacturer poised to establish a $7-billion factory in Quebec, declared bankruptcy amid financial strain from various challenges, including increasing capital costs and geopolitical disruptions. Despite this, the company's North American operations remain solvent, and Quebec government officials express a desire to find a buyer to continue the Monteregie battery project. With significant financial backing from both the provincial and federal governments, uncertainty looms over the future of the Quebec facility as stakeholder assessments are underway.
"The company said in a media release that the decision to declare bankruptcy was taken after 'an exhaustive effort to explore all available means to secure a viable financial and operational future for the company.'"
"Northvolt has 'experienced a series of compounding challenges in recent months that eroded its financial position, including rising capital costs, geopolitical instability, subsequent supply chain disruptions, and shifts in market demand.'"
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