The search for a new owner for the troubled $7-billion manufacturing facility south of Montreal is underway, said the federal minister for innovation, science and technology, as debt-freighted Swedish battery sector pioneer files for bankruptcy.

Northvolt has experienced a series of compounding challenges in recent months that eroded its financial position, including rising capital costs, geopolitical instability, subsequent supply chain disruptions,

Swedish battery-maker Northvolt filed for bankruptcy in Sweden on Wednesday, marking the final unraveling of a company once seen as Europe’s standard bearer for the sector. Facing a cash crunch in November,