How Northvolt was financed and what it owed

analysisNorthvolt's annual reports present its funding as a running total. The 2022 report states that the company secured USD 1.65 billion in additional financing during 2022, which its directors' report describes as convertible debt financing, bringing the total secured to more than USD 8 billion in a combination of debt, equity and grants by the end of 2022, against USD 6.35 billion at the end of 2021. The 2023 report states that in 2023 Northvolt secured an additional $1.9 billion via its convertible instrument, $1 billion in government support and a $5 billion debt package, partly for refinancing, and that by the end of 2023 it had secured $15 billion in debt, equity and grants. The directors' report in the same annual report gives a different convertible figure: USD 1,701 m of convertible debt financing closed during 2023, with a further USD 25 m and EUR 400 m secured but not yet received at the time of the report; the report does not reconcile the two figures. A special report of the Landesrechnungshof Schleswig-Holstein (the state audit office of Schleswig-Holstein) dated 30 April 2026 states separately that in autumn 2023 an existing convertible bond of private investors in Northvolt AB was increased by a further €1 billion. The audit office mentions the increase while assessing the financing information available to the state for the Northvolt Drei project in 2023 and does not name the investors, and the records do not state whether its description and the annual report's refer to the same financing. ^{1 2 3}

analysisThe multi-year overview in the 2023 annual report shows the group's net sales at USD 10 million in 2019, USD 22 million in 2020, USD 79 million in 2021, USD 107 million in 2022 and USD 128 million in 2023, with a loss before tax of USD 56 million, 132 million, 128 million, 318 million and 1,167 million in the same years. Total assets grew from USD 634 million to USD 2,453 million, 5,717 million, 7,295 million and 8,491 million, while the equity ratio moved from 32.7% to 55.3%, 68.8%, 44.6% and 25.3%. For 2023 the consolidated statement of profit or loss shows, in USD thousand, revenue of 128,345 (2022: 106,995) against cost of goods sold of 690,602 (341,254), a gross loss of 562,257 (234,259) and an operating loss of 1,033,468 (322,186); with finance income of 280,140 (325,935) and finance expense of 413,963 (321,721), the loss before tax was 1,167,291 (317,972) and the loss for the period 1,167,572 (284,865). The 2022 operating result included USD 182,807 thousand from the sale of subsidiaries. The report's key figures for 2023 (2022), whose adjusted measures are non-IFRS, give an adjusted gross loss of USD 258 million (234 million), adjusted EBITDA of USD -569 million (-276 million), adjusted EBIT of USD -662 million (-322 million), capital expenditure invested of USD 1,804 million (1,405 million), R&D spend of USD 274 million (179 million) and cash and cash equivalents of USD 2,134 million (2,550 million), together with installed capacity of 16 GWh (7 GWh), 5,860 employees (4,167) at year-end and an order book of USD 53 billion (USD 55 billion). The report attributes the order-book change to a stricter definition of flex-volume assumptions and also refers to the order book as 'over 50 billion'. ¹

analysisThe consolidated statement of financial position in the 2023 report shows, in USD thousand at 31 December 2023 (31 December 2022), total assets of 8,491,250 (7,294,732), total equity of 2,144,713 (3,250,991) and total liabilities of 6,346,537 (4,043,741). Among the liabilities were a non-current convertible loan of 3,767,357 (2,042,568), non-current interest-bearing loans and borrowings of 1,544,494 (1,418,717), current interest-bearing loans and borrowings of 214,529 (none) and government-grant liabilities of 19,845 non-current and 4,285 current (20,340 and 6,130); cash and cash equivalents were 2,134,333 (2,549,613). The cash flow statement shows net cash flow from operating activities of -792,351 in 2023 (-875,763 in 2022) and from investing activities of -1,168,183 (-615,547), including purchases of property, plant and equipment of -1,605,841 (-1,405,301) and receipts of government grants for assets of 23,554 (15,028). Financing activities brought a net 1,551,087 (2,033,955), including proceeds from liabilities to credit institutions of 1,585,321 (2,015,232), new share issues of 2,961 (27,587) and warrant issues of 3,391 (10,366). A year earlier the 2022 annual report, whose consolidated figures are in SEK thousand, listed group financial liabilities of 39,725,062 at 31 December 2022 (14,389,845 at 31 December 2021), including interest-bearing loans to credit institutions of 14,807,286 (9,897,781), convertible loans of 21,318,483 (2,741,308) and trade payables of 3,373,805 (1,279,442), against cash and cash equivalents of 26,610,565 (17,060,696). ^{1 2}

analysisNorthvolt AB, the parent company, reports in SEK. Its multi-year overview in the 2023 annual report gives net sales of SEK 91 million (2019), 191 million (2020), 348 million (2021), 1,116 million (2022) and 326 million (2023); profit or loss before tax of SEK -448 million, -600 million, 745 million, -929 million and -4,349 million; total assets of SEK 4,533 million, 15,446 million, 41,602 million, 60,869 million and 72,646 million; and an equity ratio of 45.5%, 76.8%, 90.3%, 60.8% and 45.1%. Note 29 of the 2022 annual report divides the parent's 2022 revenue from contracts with customers of SEK 1,116,257 thousand (2021: 348,183) into product sales of 1,082,656 (234,178), project sales of 21,933 (114,005) and other revenue of 11,668 (none), with customers located in Sweden 984,769 (207,280), Germany 106,275 (81,515), Norway none (35,756) and other European countries 25,213 (23,632). Note 31 shows that 84.21% of the parent's sales and 29.01% of its purchases in 2022 were made with other group companies: sales, including other income, to subsidiaries of SEK 1,479,451 thousand (695,557 in 2021) and purchases from subsidiaries of SEK 999,494 thousand (477,198). In 2023 the parent recorded revenue of SEK 325,897 thousand (1,116,257), an operating loss of 2,344,852 (2,002,977) and a loss for the year of 4,348,756 (928,715). The proposed appropriation records unrestricted equity of SEK 32,401,374,980, made up of a share premium reserve of SEK 38,528,950,918, a loss brought forward of SEK -1,778,820,339 and the loss for the year of SEK -4,348,755,599, which the board and CEO proposed to carry forward with no dividend; the 2022 annual report had recorded a parent-company loss for 2022 of SEK 928,715,833 and unrestricted equity of SEK 36,816,572,405. ^{1 2}

analysisThe European Investment Bank's own account, in a press release of 16 January 2024, begins in 2018 with a €52.5 million loan backed by the EU's InnovFin programme for Northvolt's demonstration line in Västerås, followed by a $350 million (€319 million) loan for the first phase of the Northvolt Ett gigafactory backed by the European Fund for Strategic Investments (EFSI). An EIB release of 29 July 2020 reports the signing of that loan agreement, which the debtors' Chapter 11 first-day declaration dates 28 July 2020 with Northvolt Ett AB as borrower. According to the declaration, Northvolt raised $1.6 billion in July 2020 from a consortium of commercial banks, pension funds and public institutions to further develop Northvolt Ett, and Northvolt Ett AB financed the gigafactory through first-lien facilities and a second-lien facility governed by a Security Agency and Intercreditor Deed dated 28 July 2020. The first-lien facilities, maturing on 31 December 2029, are secured on a first-priority basis by substantially all of Northvolt Ett AB's assets, certain accounts and property of Northvolt Ett Fastighetsförvaltning AB, pledges of Northvolt AB's shares in Northvolt Ett AB and Northvolt Labs AB, and Northvolt Ett AB's shares in Northvolt Ett Fastighetsförvaltning AB; the Labs pledge secures only the prepetition release of cash from the Northvolt Ett debt service reserve account, and Northvolt Ett AB and Northvolt Ett Fastighetsförvaltning AB guarantee each other's obligations. Northvolt's 2022 annual report describes the project financing of Northvolt Ett as a group of 18 lenders and financial institutions committing credit guarantees. ^{1 2 3}

analysisThe declaration lists the first-lien facilities one by one, all under agreements dated 28 July 2020. Besides the EIB term loan of $350 million at LIBOR plus 300 basis points (about $313 million outstanding at the petition date), they comprise a $50 million commercial uncovered term loan with ING Bank N.V. as facility agent and intercreditor agent (about $45 million outstanding), a $100 million term loan from the Export-Import Bank of Korea as direct lender and facility agent (about $87 million) and a $110 million revolving working-capital facility, also with ING Bank N.V. as facility agent and intercreditor agent (about $110 million); for these facilities LIBOR was replaced by SOFR plus an adjustment spread by amendments dated 13 July 2023. Three further first-lien term loans were covered by export-credit agencies, with Sumitomo Mitsui Banking Corporation, Brussels Branch, as facility agent: a $525 million Euler Hermes covered loan (Sumitomo Mitsui Banking Corporation, Dusseldorf Branch, as export credit agent; about $470 million outstanding), a $150 million NEXI covered loan (about $131 million) and a $75 million BPIAE covered loan (Sumitomo Mitsui Banking Corporation Europe Limited, Paris Branch, as export credit agent; about $67 million), each at LIBOR plus a 1.3% margin, later SOFR. ²

analysisRanking behind them was a Second Lien Facility Agreement, also dated 28 July 2020, under which Northvolt Ett AB is borrower, with Northvolt Ett Fastighetsförvaltning AB as PropCo, ING Bank N.V. as intercreditor agent and Danske Bank A/S as facility agent. It provided a $255 million facility at original closing, bearing 5% cash interest or payment-in-kind rates, secured on a second-priority basis by the first-lien collateral and maturing on 30 June 2030; about $405 million was outstanding at the petition date. In 2024 Northvolt Ett added two inventory financings. Under an Inventory Financing Agreement dated 22 January 2024 it agreed to repurchase, after twelve months, excess inventory it had previously sold to Helios I B.V., under a $72 million working-capital facility secured by that inventory and maturing on 24 January 2025, with about $72 million outstanding at the petition date. A $300 million revolving Second Inventory Financing Agreement dated 19 March 2024, arranged by ING Bank N.V., Amsterdam, Lancy / Geneva Branch (also security agent) and Société Générale (agent), was secured by inventory, particularly raw materials, and matured on 18 March 2025; about $42 million was outstanding under it at the petition date. ²

analysisFor the expansion of the Skellefteå factory, Northvolt's 2023 annual report states that by the end of 2023 a $5 billion non-recourse project financing for the expansion of Northvolt Ett had been signed with a group of 25 lenders and financial institutions, with closing expected in 2024, and that the new package was planned to replace the existing $1.6 billion Northvolt Ett package by mid-2024. The debtors' first-day declaration describes a 2023 debt package entered into to refinance the existing Northvolt Ett facilities and fund the expansion under which $4.5 billion of debt commitments were obtained, the Northern Lights Finance Arrangements; the records do not reconcile the $5 billion and $4.5 billion figures. On 16 January 2024 the European Investment Bank announced a lending package of slightly over $1.038 billion (€942.6 million) for the expansion, as part of the $5 billion non-recourse debt financing. According to the EIB, $500 million (€453.6 million) of it was provided under a guarantee issued by the Swedish National Debt Office (Riksgälden), $400 million (€362.9 million) was guaranteed under the European Commission's InvestEU programme and $138.7 million (€126.1 million) was to be provided as intermediated lending to Northvolt through participating commercial banks. The records inspected do not show how much of the 2024 package was disbursed: the debt table in the first-day declaration lists only the EIB term loan of 2020, with about $313 million outstanding at the petition date. The declaration records that the Northern Lights Finance Arrangements were unwound effective 14 November 2024 after Northvolt Ett Expansion AB entered a Swedish liquidation proceeding. ^{1 2 3}

analysisThe declaration sets out the contractual frame of the arrangements and how they ended. Northvolt Ett AB is party to an Expansion Financing Co-ordination Agreement dated 22 December 2023 among Northvolt AB as sponsor, Northvolt Ett AB as borrower, Northvolt Ett Fastighetsförvaltning AB as PropCo, Northvolt Ett Expansion AB as ExpansionCo, Northvolt Ett Expansion Fastighetsförvaltning AB as Expansion PropCo, Crédit Agricole Corporate and Investment Bank as agent and new intercreditor agent, ING Bank N.V. as existing intercreditor agent and Swedbank AB (publ) as existing and new security agent. Drawing on the commitments was subject to conditions precedent, including expansion milestones. In September 2024 Northvolt announced the discontinuation of the expansion of Northvolt Ett, which was intended to triple capacity at the Skellefteå gigafactory, and in October 2024 Northvolt Ett Expansion AB, the subsidiary managing the expansion, filed a liquidation proceeding under the Swedish Bankruptcy Act in the Stockholm District Court. The declaration states that Northvolt Ett AB could not satisfy the conditions precedent after the expansion was abandoned, and that the agent unwound the arrangements effective 14 November 2024 because the Swedish liquidation proceeding of Northvolt Ett Expansion AB constituted an unwind event; fees of about $44 million remained outstanding at the petition date. ²

analysisVolkswagen's convertible instrument dates from 2019. According to the debtors' first-day declaration, Northvolt AB as borrower and Volkswagen Finance Luxemburg S.A. as lender are parties to a convertible instrument agreement dated 5 September 2019 providing for a €200 million convertible euro term loan facility to finance and accelerate the expansion plan of Northvolt Ett AB and a €200 million facility to finance Northvolt AB's equity investment in the German joint venture established with Volkswagen. The unsecured instrument bore 7% interest until the earlier of 30 September 2021 or a specified investment by the lender and 5.5% thereafter, was due to mature on 31 December 2025, when outstanding amounts were to convert into new Northvolt AB shares, and had about $330 million outstanding at the petition date. Northvolt's 2022 and 2023 annual reports describe it differently, as convertible loan facilities of EUR 240 m provided by Volkswagen Finance Luxemburg S.A. during 2019, fully drawn in 2020 and carrying interest at 5.5%; the 2022 report's parent-company note gives the rate as 5.5% (7% until 6 October 2020). The records inspected do not explain the difference between the EUR 240 m figure and the two €200 million facilities. ^{1 2 3}

analysisA second instrument was agreed with investors and shareholders in 2022. According to the declaration, Northvolt AB entered into the Volta Convertible Instrument Agreement dated 1 July 2022, providing for convertible loan investments closed in stages, bearing 8% interest increased by 1% every interest period up to a maximum of 12% and maturing on 17 August 2027; about $1.063 billion was invested at the first closing and, after further closings, about $2.764 billion was outstanding at the petition date, subordinated to the shareholder bridge facility and the VW convertible instrument. Northvolt's 2023 annual report lists a USD 'convertible loan 2' with the same rate structure (8% fixed, stepping up by 1% every six months from February 2024 to a 12% cap) and conversion in the second half of 2027 or at an IPO; neither record uses the other's label. The 2023 report also states that Volkswagen Group and Goldman Sachs Asset Management, through various funds, participated in the convertible loan issued during 2022. Its related-party note lists long-term liabilities of Northvolt AB to Volkswagen Group of USD 398,330 thousand at 31 December 2023 (USD 365,598 thousand at 31 December 2022) and to Goldman Sachs Asset Management of USD 401,131 thousand at 31 December 2022, without breaking them down by instrument. ^{1 2}

analysisFor the German project, Northvolt's 2023 annual report and the first-day declaration state that during 2023 Northvolt AB secured €1.3 billion (the declaration: over €1.3 billion) in convertible instruments and grants from German governmental institutions for the development of the Northvolt Drei gigafactory in Heide; the declaration adds that Northvolt Drei, then in early construction, held about $375 million in cash. The declaration also describes an agreement dated 30 October 2023 between Northvolt AB as borrower and KfW (Kreditanstalt für Wiederaufbau) as lender providing for a €600 million convertible loan represented by 2,000 convertible notes of series 2023/2028:1 (aggregate nominal amount €200 million) and 4,000 convertible notes of series 2023/2028:2 (€400 million), bearing three-month EURIBOR plus 100 basis points and maturing, as the declaration states, on 30 June 2028. Northvolt AB provided the instrument to Northvolt Germany TopCo GmbH as an equity injection for the gigafactory in Heide. The instrument is subordinated to the shareholder bridge facility and the VW convertible instrument, Northvolt AB may require noteholders to convert on certain events, and about $670 million was outstanding at the petition date. ^{1 2}

analysisNorthvolt AB's parent-company accounts in the 2023 annual report show convertible loans of SEK 37,830,290 thousand at 31 December 2023 (SEK 21,318,483 thousand at 31 December 2022): loan 1 of SEK 3,373,258 thousand (2022: 3,293,927), convertible in December 2025 or at an IPO with 5.5% annual interest; loan 2 of SEK 32,233,150 thousand (2022: 18,024,556), convertible in the second half of 2027 or at an IPO with 8% interest stepping up by 1% every six months from February 2024 to a 12% cap; and loan 3 of SEK 2,223,882 thousand (none in 2022), convertible in the first half of 2028 or at an IPO with 7% interest stepping up by 1% a year from December 2025. The group's summary of interest-bearing debt lists, in USD thousand at 31 December 2023 (31 December 2022), term loan 1 (USD, maturing 31 December 2029, SOFR 6 months +3.00%) of 424,468 (386,525); term loan 2 (USD, 31 December 2029, SOFR 6 months +3.50%) of 47,427 (43,268); term loan 3 (USD, 31 December 2029, SOFR 6 months +1.30%) of 707,605 (649,015); term loan 4 (EUR, 30 June 2030, fixed 12%) of 397,756 (339,909); convertible loan 1 (EUR, exit or 31 December 2025, fixed 5.50%) of 335,928 (315,598); convertible loan 2 (USD, exit or second half of 2027, fixed 8.00% stepping up by 1% every six months from February 2024 to a 12% cap) of 3,209,962 (1,726,970); convertible loan 3 (EUR, exit or first half of 2028, fixed 7.00% stepping up by 1% a year from December 2025) of 221,467 (none); and term loan 5 (CAD, second half of 2038, fixed 4.99%) of 181,767 (none). The report states that the group's convertible loans are generally subject to mandatory conversion into shares and are to be repaid only if Northvolt becomes insolvent or initiates insolvency proceedings. It also states that at year-end 2023 Northvolt was compliant with all covenants under its financing and lending documentation, and that there were no financial covenants linking interest rates to credit rating, nor other financial covenants apart from those noted under convertible loan 2. ²

analysisNote 18 of the 2023 annual report states that government grants have been received for research and development projects, that no unfulfilled conditions or contingencies are attached to them and that, as of the reporting date, Northvolt assessed that no grants carried a risk of material repayments. Group government-grant liabilities were USD 24,130 thousand at 31 December 2023 (USD 26,470 thousand a year earlier), after USD 48,302 thousand received and USD 27,892 thousand released to profit or loss during 2023 (2022: USD 14,975 thousand received and USD 11,767 thousand released). Grants relating to assets are deferred and reclassified to property, plant and equipment when the asset is purchased; the note shows such reclassifications of USD 23,462 thousand in 2023 and USD 15,578 thousand in 2022. For the parent company, note 30 of the 2022 annual report records government grants of SEK 14,152 thousand in 2022 and SEK 28,050 thousand in 2021 within Northvolt AB's other operating income, which totaled SEK 705,850 thousand in 2022 (SEK 958,721 thousand in 2021). ^{1 2}

analysisIndividual awards appear in state-aid and EU-funding register entries reproduced by a business-information service in its profile of Northvolt AB. The service labels each entry with an abbreviation for its source, which corresponds to the EU state aid transparency records, the Horizon research programme (CORDIS) or the EU Financial Transparency System; the original register entries were not inspected, and the dates are those the service shows for each entry. The state-aid entries list aid for research and development and innovation in the energy field of SEK 19 million (17 November 2016), SEK 18.9 million (23 February 2017) and SEK 146 million (1 February 2018), and aid for research and development and innovation of SEK 10 million (8 December 2016, recorded under the name NorthVolt AB); the granting authority is not named in these entries. An entry dated 19 March 2020 lists SEK 159 million under a measure titled 'Monitoring of the Swedish GBER support on biofuels' (GBER: the EU General Block Exemption Regulation); the title refers to biofuels and the underlying aid decision was not inspected. An entry dated 28 June 2021, recorded under the name NorthVolt AB and carrying no source abbreviation in the reproduction, lists SEK 218 million under the measure 'Autumn IPCEI Batteries - Sweden' (an Important Project of Common European Interest on batteries). An entry dated 31 December 2024 gives only an amount range, between €2,000,000 and €5,000,000, for a reduction of the energy tax on electricity consumed in the production process of industrial activities. The EU-funding entries show the amounts for Northvolt AB's participation, not project totals or the other participants: €37,372 for an open innovation test bed for electrochemical energy storage materials (1 January 2019, Horizon), €529,385 for a lithium-ion battery with silicon anode, nickel-rich cathode and in-cell sensor for electric vehicles (20 November 2019, Horizon), €333,806 for the Sector Skills Alliances project 'Alliance for Batteries Training and Skills' (1 December 2019, Financial Transparency System), €220,000 for 'Battery Interface Genome - Materials Acceleration Platform' (2 July 2020, Horizon), €115,438 for a European-wide harmonised, transport-specific LCA approach (16 December 2022, recorded via Association Europeenne des Fournisseurs Automobiles) and €10,704.85 for 'Arrowhead Flexible Production Value Networks' (1 June 2023, Horizon). ³

analysisNote 25 of the 2022 annual report lists group pledged assets of SEK 21,961,541 thousand at 31 December 2022, made up of shares in subsidiaries of 15,984,869 and pledged bank balances of 5,976,672, and SEK 11,680,368 thousand at 31 December 2021 (7,203,728 and 4,476,640); the note itself carries no unit, but the report states that amounts are in SEK thousand unless otherwise specified. Note 24 of the 2023 annual report lists group pledged assets of USD 2,889,185 thousand at 31 December 2023 (shares in subsidiaries 2,599,638 and pledged bank balances 289,547) and USD 2,104,180 thousand at 31 December 2022 (1,531,543 and 572,637), and note 23 states that no contingent liabilities were identified for 2022 and 2023. For Northvolt AB itself, the parent-company notes (note 49 of the 2023 annual report and note 50 of the 2022 annual report) list pledged assets, in SEK thousand, of 27,831,330 at 31 December 2023, 22,068,323 at 31 December 2022 and 10,280,608 at 31 December 2021, comprising shares in subsidiaries (26,104,522; 15,984,869; 7,203,729), pledged receivables with subsidiaries (174,967; 170,583; 289,330), pledged cash for subsidiaries (1,506,240; 5,864,025; 2,772,729) and pledged bank guarantees (45,601; 48,846; 14,820); the board identified no contingent liabilities. ^{1 2}

analysisAccording to the first-day declaration, Northvolt AB entered into an unsecured $154 million Shareholder Bridge Facility Agreement dated 7 August 2024 with Nordic Trustee & Agency AB (publ) as agent and certain institutions as lenders, ranking pari passu with the VW convertible instrument. The facility was to fund general corporate needs of Northvolt Ett AB, including refinancing, transaction expenses and certain commitments of Northvolt AB. It bears 16% interest, which Northvolt AB elected to capitalise, matures on 14 August 2025 and is guaranteed by Northvolt Systems AB, Northvolt Fem AB, Northvolt Revolt AB, Aurora Lithium AB and Northvolt Germany TopCo GmbH; the declaration states that it allowed additional borrowing capacity of up to $750 million in aggregate, subject to lender consent. Proposed security over Northvolt AB's shares in the guarantors, accounts and intercompany loans had not been implemented because the required consents had not been obtained, and about $154 million was outstanding at the petition date. ¹

analysisThe declaration tabulates Northvolt's funded debt at the petition date, 21 November 2024, at about $5.841 billion, of which it states about $5.66 billion was held by debtor entities; the amounts are outstanding principal as stated in the declaration. Northvolt AB's unsecured debt came to $3.918 billion: the shareholder bridge facility ($154 million, due 14 August 2025), the VW convertible instrument ($330 million, due 31 December 2025), the Volta convertible instrument ($2.764 billion, due 17 August 2027) and the KfW convertible instrument ($670 million, due 30 June 2028). Northvolt Ett's secured debt came to $1.742 billion: the EIB term loan ($313 million), the commercial uncovered term loan ($45 million), the KEXIM term loan ($87 million), the Euler Hermes covered term loan ($470 million), the NEXI covered term loan ($131 million), the BPIAE covered term loan ($67 million) and the revolving working-capital facility ($110 million), all due 31 December 2029; the second lien ($405 million, due 30 June 2030); and inventory financings of $72 million (due 24 January 2025) and $42 million (due 18 March 2025). The remaining item was a Canadian secured land loan of $181 million due 31 October 2038. ^{1 2}

analysisOne Canadian figure is unresolved. Northvolt's 2023 annual report lists among the significant events of 2023 that Northvolt received a loan of USD 1,819 m enabling the Northvolt Six project in Quebec to progress. The figure is not reconciled with other records: the same report's summary of interest-bearing debt shows one CAD-denominated loan (term loan 5, fixed 4.99%, maturing in the second half of 2038) of USD 181,767 thousand at 31 December 2023, and the first-day declaration describes the Canada Land Loan from Investissement Québec as a CAD$240 million facility with about $181 million outstanding at the petition date. The annual report also describes a federal and provincial support package for Northvolt Six totaling $5.8 billion, made up of grants, debt, convertible instruments and other contributions. The Quebec government stated on 2 September 2025 that it had disbursed $510 million in the project, a $240 million secured loan for the land purchase and a $270 million subscription in the Swedish parent, and a federal note received on 29 November 2024 records that no federal support had been disbursed; no record reviewed explains the USD 1,819 m figure. Media reported on 5 September 2025 that the Quebec economy minister's office said nearly $200 million of the land loan had been recovered by exercising guarantees, and in its fifth report of 13 May 2026 the CCAA monitor sought authority to pay Investissement Québec an interim distribution of $15 million as partial repayment of its secured claim under the 31 October 2023 loan agreement. ^{3 1}