Think of the billions that might have been saved if they let me run the world.
Quebec’s Northvolt project is officially dead — and the government says it is cutting its losses.
Christine Fréchette, Quebec’s economy minister, announced Tuesday that the province will invest no further money in Northvolt Batteries North America.
“The company’s failure to present a satisfactory plan with regard to Quebec’s interests has led us to assert our rights in order to recover as much of our investment as possible,” Fréchette’s said in a statement. “This venture proved unsuccessful, and we are obviously disappointed.”
The announcement spells the end to Northvolt’s highly touted, but controversial, plan to build a $7-billion plant in Saint-Basile-le-Grand and McMasterville in the Montérégie region. The Quebec government had supported the proposal and changed its own rules, allowing the project to bypass an environmental review.
Quebec had invested $510 million in the project, saying it would create 3,000 jobs in the area and make Quebec a battery producing powerhouse.
The investments included a $240-million guaranteed loan and a $270-million investment in Northvolt Batteries North America’s parent company.
Quebec officially lost that $270-million investment, Fréchette said in a news release. Northvolt declared bankruptcy in Sweden in March.
Right this very moment Quebecois are figuring out how to cover the loss by stealing more money from Alberta.
A fool and his money. In this case, a cabinet full of fools. If an idea is truly great, it doesn’t need government help. The government cannot tell the difference between a hammer and a feather duster, and they always want control. A great idea will fund itself privately.
A fool and Alberta’s money.
Quebec steals 510 million dollars from the Canadian taxpayers and gives it a bunch of politically well connected con artists and they call that an investment. All of them should be in prison.
There are ventures too numerous to count that are deemed ‘investments’ by the government. I guess
this can be justified when the expected rate of return is -100%. Many thinking people prefer a positive return or at least having an asset resulting from the investment.
“What’s a few million goofballs?”
h/t J. Chretien
Canada: lots of crime, no punisment.
It’s not their money so why should they care?
They’d do it all over again tomorrow with even more money.
C.A.G.E
Thank God we Albertans just happen to be so terribly evil, eh? Why, Quebec can steal from us with a completely clean conscience! A stroke of luck, that.
The Quebecois should have studied French history of a famous monarch that asked businessmen what he could do to help them and they replied : “Laissez-nous faire” – the best advice ever given to the state.
I presume the upper management of Northvolt did very well financially.
And senior Liberals.
It’s time to tell Quebec, not ask, that we’re going to build several pipelines to the east. Any “equalization” will be based on how much flow is metered through those pipelines.
In 2009 Solyndra received half a $Billion in Federal loan guarantees. The darling of the Obama “Green” retooling of the US economy. In 2011, Solyndra went bankrupt. Kaput.
https://fortune.com/2015/08/27/remember-solyndra-mistake/
Speaking of NOT learning lessons …
Kenji
Au contraire, the lesson was learned.
Politicians learned how to line their pockets from public money invested on ‘clean’ energy projects.
Another example? California’s high speed rail.
Joe, Joe, Joe … track laying for the fabulous, amazing, Euro-styled, high speed (for short bursts between stations) train … may begin … in 2026. may … begin … could … begin.
https://ibwhsmag.com/california-high-speed-rail-track-laying-could-begin-in-2026-as-project-gains-momentum/
Sean Duffy track-shamed CA … so they suddenly got busy laying track between Buttonwillow and Wasco
The opposition needs to demand an investigation into this. The government is declaring a $270M loss in a project which at this point consists of 5 construction trailers and a parking lot.
(psst doan say nuffin Butts l’se got wind ov da fact if an auditor showz up dey’se gonna git run off da road a la karen silkwood. google the name. nd l seen da movie so’se id muzz be droo)
The larger lesson is that government is always – always! – too slow and too late to be involved in a business venture. The time it takes to make a decision means they will always be late to the party, never ahead. Been that way in this country since the Avro Arrow. The govt’s decision to move into LNG now will prove to be a similar error.
You speak of saving billions as if that were a good thing.