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picks Quebec for $5 billion gigafactory","northvolt-picks-quebec-for-5-billion-gigafactory","article/northvolt-picks-quebec-for-5-billion-gigafactory",{"_uid":557,"date":558,"tags":559,"editor":569,"content":579,"excerpt":690,"featured":51,"reporter":691,"_editable":695,"component":696,"seo_title":553,"categories":697,"visibility":703,"author_company":49,"featured_image":704,"seo_description":690,"author_full_name":49,"author_job_title":49,"formattedDate":708,"formattedArticleDate":709},"0be059aa-9e34-4bb1-8567-f821256b255e","2023-09-29 00:00",[560,563,566],{"slug":561,"name":562},"canada","Canada",{"slug":564,"name":565},"north-america","North America",{"slug":567,"name":568},"northvolt","Northvolt",[570],{"slug":571,"name":572,"content":573},"didi-bostock","Didi Bostock",{"job_title":574,"image":575,"bio":577,"linkedin":578},"Editor - Energy Transition & Economics",{"filename":576},"https://a.storyblok.com/f/287943243085208/512x512/2c5ca5c1a3/didi-bostock.jpeg","Didi is the Energy Transition & Economics Editor at Benchmark, covering a broad range of markets across the energy transition. His remit spans from downstream sectors such as BESS and EVs, through to midstream such as new technologies and battery production, to upstream critical minerals mining. He also leads on financial analysis across these supply chains, alongside in-depth policy analysis.\n","https://www.linkedin.com/in/didi-bostock-656342198/",{"type":580,"content":581},"doc",[582,598,603,616,621,626,631,640,645,650,663,668,673,680,685],{"type":583,"attrs":584,"content":585},"paragraph",{"textAlign":49},[586,589,596],{"text":587,"type":588},"Sweden’s ","text",{"text":568,"type":588,"marks":590},[591],{"type":592,"attrs":593},"link",{"href":594,"uuid":49,"anchor":49,"target":49,"linktype":595},"https://source.benchmarkminerals.com/article/northvolt-and-sunwoda-become-tier-one-ev-battery-manufacturers","url",{"text":597,"type":588}," has picked Quebec for its first battery gigafactory in North America, securing a site close to local supplies of lithium that will also use hydropower to lower the carbon footprint of battery production. ",{"type":583,"attrs":599,"content":600},{"textAlign":49},[601],{"text":602,"type":588},"The $5 billion plant will initially produce 30 gigawatt hours of cells and cathode materials starting in 2026, ramping up to 60 GWh eventually, Northvolt said.  ",{"type":583,"attrs":604,"content":605},{"textAlign":49},[606,608,614],{"text":607,"type":588},"The plant will further push North America’s battery capacity ahead of Europe’s, with the region set to have almost 1.4 terawatt hours of annual production capacity out to 2030, according to ",{"text":609,"type":588,"marks":610},"Benchmark’s Gigafactory Assessment",[611],{"type":592,"attrs":612},{"href":613,"uuid":49,"anchor":49,"target":49,"linktype":595},"https://www.benchmarkminerals.com/market-assessments/gigafactory-assessment/capacities/",{"text":615,"type":588},". ",{"type":583,"attrs":617,"content":618},{"textAlign":49},[619],{"text":620,"type":588},"Quebec is emerging as a key cluster for the battery supply chain in North America, in part due to its low-carbon hydropower electricity. General Motors is building a cathode material processing plant in the region, while Livent is developing the Nemaska Lithium project there. ",{"type":583,"attrs":622,"content":623},{"textAlign":49},[624],{"text":625,"type":588},"“With its unique access to renewable power and raw materials, we see this as the ideal base of operations for Northvolt’s first gigafactory outside of Europe,” said Northvolt co-founder Paolo Cerruti, who will become chief executive of North America.",{"type":583,"attrs":627,"content":628},{"textAlign":49},[629],{"text":630,"type":588},"Northvolt hopes to eventually produce batteries with a carbon footprint as low as 10 kg CO2/kWh by 2030. Its current production produces around 33 kg CO2e/kWh at the cell level, on a life cycle basis.",{"type":583,"attrs":632,"content":633},{"textAlign":49},[634],{"type":635,"attrs":636},"image",{"id":49,"alt":637,"src":638,"title":49,"source":49,"copyright":49,"meta_data":639},"","https://a.storyblok.com/f/287943243085208/ca6fe624da/bm-image-90-1344057928d0.png",{},{"type":583,"attrs":641,"content":642},{"textAlign":49},[643],{"text":644,"type":588},"The Canadian government has also agreed to match the incentives provided by President Joe Biden’s Inflation Reduction Act, with the Canadian and Quebec governments agreeing to each provide $1 billion for the project. ",{"type":583,"attrs":646,"content":647},{"textAlign":49},[648],{"text":649,"type":588},"It is Canada’s second planned battery gigafactory, following plans by Volkswagen to build a plant in St. Thomas, Ontario, with an expected production capacity of 40 GWh.",{"type":583,"attrs":651,"content":652},{"textAlign":49},[653,655,661],{"text":654,"type":588},"The plant will produce ",{"text":656,"type":588,"marks":657},"cathodes",[658],{"type":592,"attrs":659},{"href":660,"uuid":49,"anchor":49,"target":49,"linktype":595},"https://source.benchmarkminerals.com/article/northvolt-cathode-plant-to-boost-europes-capacity-75-by-2025",{"text":662,"type":588}," at the site and also recycle batteries, Northvolt said. ",{"type":583,"attrs":664,"content":665},{"textAlign":49},[666],{"text":667,"type":588},"The selection of the 170-hectare site just outside the city of Montréal was made “after an extensive review of locations in North America,” Northvolt said. ",{"type":583,"attrs":669,"content":670},{"textAlign":49},[671],{"text":672,"type":588},"“Quebec hydroelectricity guarantees cell production from 100 percent renewable energy and the region represents an ideal location in the North American automotive value chain,” it said. ",{"type":674,"attrs":675,"content":677},"heading",{"level":676,"textAlign":49},4,[678],{"text":679,"type":588},"Securing financing ",{"type":583,"attrs":681,"content":682},{"textAlign":49},[683],{"text":684,"type":588},"In August Northvolt raised $1.2 billion to finance its expansion plans in Europe and North America, in the form of a convertible bond. ",{"type":583,"attrs":686,"content":687},{"textAlign":49},[688],{"text":689,"type":588},"The financing was led by Investment Management Corporation of Ontario (IMCO), BlackRock, the Canada Pension Plan Investment Board (CPP Investments), as well as OMERS.","Sweden’s Northvolt has picked Quebec for its first battery gigafactory in North America, securing a site close to local supplies of lithium that will also use hydropower to lower the carbon footprint of battery production. The $5 billion plant will initially produce 30 gigawatt hours of cells and cathode materials starting in 2026, ramping up […]",[692],{"slug":571,"name":572,"content":693},{"job_title":574,"image":694,"bio":577,"linkedin":578},{"filename":576},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"0be059aa-9e34-4bb1-8567-f821256b255e\", \"id\": \"\"}-->","article",[698,701],{"slug":699,"name":700},"batteries","Batteries",{"slug":702,"name":299},"cathode","private",{"id":49,"alt":637,"name":637,"focus":637,"title":637,"source":637,"filename":705,"copyright":637,"fieldtype":706,"meta_data":707,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/c00c82a6ee/bm-northvolt-quebec.jpg","asset",{"alt":637,"title":637,"source":637,"copyright":637},"Sep 29, 2023","29th September 2023",[],[],1792773909987]