Northvolt concludes its financial reporting.

The proposed $7 billion battery cell production mega-factory by Northvolt, billed as the largest private project in Quebec's history, will not come to fruition. The decision to pull the plug on the financial arrangement has led to the closure of Northvolt America's operations, resulting in the layoff of its remaining 50 employees.

The Quebec government is currently seeking to have the Quebec branch of Northvolt declared insolvent under the Companies' Creditors Arrangement Act (CCAA). This process is being overseen by the Quebec Superior Court. The government holds a $240 million claim against Northvolt and is also considering the fate of a 170-hectare plot of land in Saint-Basile-le-Grand and McMasterville, which was earmarked for the mega-factory.

The bankruptcy of Northvolt AB, the parent company, has already cost Quebec $270 million. Moreover, the downfall of Northvolt has significant financial implications for Quebec and its pension fund, La Caisse, which suffered a $200 million loss.

In a statement, Northvolt America mentioned a potential recontact of certain collaborators to seek support in winding down activities. The trustee responsible for the liquidation of Northvolt America is Mikael Kubu. The organization also expressed a hope for a potential recontact in the future.

The news of the layoffs and closure was relayed to the Ministry of Employment and Social Solidarity on Thursday. The Quebec government is yet to announce its plans for the 170-hectare plot of land.

The proposed mega-factory was intended to be a significant boost for Quebec's renewable energy sector, contributing to the province's goal of becoming a world leader in the production of electric vehicle batteries. The cancellation of the project marks a significant setback for these ambitions.

This development comes as a blow to the Quebec government, which had been eager to attract high-tech industries and create jobs in the province. The fate of the mega-factory, and the land it was to occupy, remains uncertain.