“Canada understood very well, that if they wanted to keep a place in this race — and batteries will play an instrumental cornerstone role in this energy transition economy — … they needed to match or to set into place a mechanism that [is] close or similar to the Inflation Reduction Act,” Cerutti, a former Tesla employee, told CNBC Wednesday.

“So I would say it has been a catalyst rather than the reason per se.”

The project is expected to cost $5 billion, with Northvolt investing $3.2 billion and the local and federal governments each contributing $1 billion.

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