Three Canadian pension funds have joined BlackRock Inc. in an approximately $1.63 billion (US$1.2 billion) financing for Swedish battery maker Northvolt AB, which is nearing a decision on whether to build a new manufacturing plant in Quebec. With the financing, Investment Management Corp. of Ontario (IMCO), Canada Pension Plan Investment Board and Ontario Municipal Employees Retirement System, along with BlackRock, the world’s biggest asset manager, have enlarged a convertible debt program to US$2.3 billion. Northvolt launched the program last year. The latest funding comes just two months after IMCO invested US$400 million into Northvolt.