Northvolt will pay approximately $7.2 million in welcome tax

After receiving a $240 million loan from the Legault government, Swedish startup Northvolt will pay nearly $7.2 million in welcome tax to Saint-Bassile-le-Grand and McMasterville to build its massive battery factory here.

“McMasterville Bill.” [1,27 M$] Saint Basil was acquitted [5,9 M$] It is in the process of being repaid,” he pointed out Newspaper Emmanuel Rouillard Moreau, Northvolt spokesman.

When asked about this issue, she added: “These are the normal rates applied.” Newspaper.

last tuesday, Newspaper It stated that Northvolt would have the right to a special agreement on municipal taxes.

Mayor of Saint-Basile-le-Grand, Yves Lessard.

TVA News screenshot

In recent days, the mayor of Saint-Basile-le-Grand, Yves Lessard, explained to… Newspaper It is difficult to determine the amount of property tax “because we will not know the value until the building is constructed.”

“they [Peter Carlsson et Paolo Cerruti, patrons de Northvolt] We were a little surprised to see how this worked for us. They realized [qu’il fallait payer des taxes municipales ici] “They have already hired specialists from here to support them,” he continued.

Public funds

Nearly $1.4 billion in government aid of all kinds and $1.5 billion in production incentives will go to Northvolt if battery manufacturing goes as planned.

“They put a lot of money on the table,” Northvolt co-founder Paolo Cerruti admitted in an interview with the magazine.

Photography by Martin Jolicoeur

In the entire battery sector, more than 50 billion investments and 16 thousand jobs could see the light, according to Quebec Premier François Legault.

Last week, the CEO of Investissement Québec (IQ) admitted in an interview with Newspaper The “economic risks” of $2.7 billion in public money being allocated to the battery sector so far.

“It’s a very good business deal. It certainly represents an economic risk. The sector is not built yet,” Guy LeBlanc explained.

– In collaboration with Sylvain Larocque and Pascal Dugas Bourdon

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