MONTREAL — The Quebec government is pulling the plug on a $7-billion electric-vehicle battery project near Montreal and trying to recoup some of its investment.
Economy Minister Christine Fréchette announced Tuesday that the government is cutting its losses on the planned Northvolt battery factory after spending $510 million on the troubled venture, once touted as the largest private investment in the province's history.
The Quebec government pledged up to $2.9 billion in financing for the project, while Ottawa committed up to $4.4 billion. But construction of the plant never got underway.
"Since the company did not present a satisfactory plan with respect to Quebec's interests, we are asserting our rights to recover the maximum amount of our investment," Fréchette said in a stateme