Business owners in McMasterville and Saint-Basile are deeply saddened by the demise of Northvolt.

In a turn of events that has left some Quebec merchants disappointed, the Swedish battery cell manufacturer, Northvolt, has filed for bankruptcy in Sweden, marking the end of a much-anticipated project in Monteregie, Quebec.

The Northvolt project, a battery cell mega-factory, was planned to be built in Saint-Basile-le-Grand, with 82% of the project on its territory. The project was expected to boost the economy of the cities of McMasterville and Saint-Basile-le-Grand, potentially creating 3,000 high-paying jobs.

The Caisse de dépôt et placement du Québec had invested CAD 200 million in the company, while the Quebec government invested an additional CAD 270 million. The Legault government had always refused to subject the Northvolt project to an independent BAPE review.

However, the company's insolvency in Sweden has led to the Quebec government writing off its CAD 270 million investment. The Legault government announced that it would turn to the courts to reclaim from Northvolt the repayment of the loan for the purchase of the land, amounting to CAD 260 million.

The project was scheduled to begin construction this fall, with foundations laid and an access road built. Merchants had hoped that the project would valorise the neighboring cities, potentially increasing real estate value.

The mayor of Saint-Basile, Yves Lessard, considers the land to be "a sleeping capital" for his city. Before the existence of the mega-factory project, the city wanted to build housing on the site. Today, the land has only one potential vocation, according to the mayor: "industrial".

Some merchants regret the loss of the project, seeing it as a missed opportunity for economic development and recognition in a specific domain. Alain Rivest, a local figure, expressed a preference for encouraging small Quebec companies instead of investing in foreign firms.

The Minister of Economy and Energy, Christine Fréchette, announced the end of Northvolt's funding in Quebec. The mayor of Saint-Basile-le-Grand and merchants in the area have expressed concerns about traffic congestion, noise pollution, and proximity to the Richelieu River, should another industrial project take its place.

Merchants in Saint-Basile-le-Grand and McMasterville are left to contemplate the potential economic impact of the Northvolt project's collapse, and what the future holds for their cities.

Business owners in McMasterville and Saint-Basile are deeply saddened by the demise of Northvolt.