Quebec wants judge to declare Northvolt branch insolvent

The Quebec government says Northvolt owes more than $260-million on a government loan and wants to withdraw nearly $200-million from frozen accounts to pay down the debt.

The Quebec government wants a judge to declare insolvent the North American branch of Swedish battery manufacturer Northvolt.

Quebec filed the court application in an attempt to recoup some of the province’s losses on a failed electric-vehicle battery project.

The province says Northvolt Batteries North America owes more than $260 million on a government loan that allowed the company to buy land near Montreal to build a $7-billion battery plant.

The government wants to withdraw nearly $200 million from frozen accounts belonging to Northvolt to pay down the debt, and wants the court to authorize a process for the sale