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Goldman finances to take $900 million hit on Northvolt, FT experiences Through Reuters

Goldman finances to take 0 million hit on Northvolt, FT experiences Through Reuters


(Reuters) – Finances controlled by way of Goldman Sachs will write off just about $900 million after Swedish lithium-ion battery manufacturer Northvolt filed for Bankruptcy 11 chapter previous this week, Britain’s Monetary Instances reported on Saturday.

The Goldman non-public fairness finances, which in combination ranked because the second-largest shareholders in Northvolt, plan to write down down their $896 million funding to 0 by way of 12 months finish, the record mentioned, mentioning letters to traders observed by way of the FT.

“Whilst we’re one of the traders disillusioned by way of this consequence, this was once a minority funding thru extremely various finances. Our portfolios have focus limits to mitigate dangers,” Goldman mentioned in a observation.

Northvolt didn’t instantly reply to a Reuters request for remark.

The gang went in an issue of months this 12 months from being Europe’s very best shot in an important business for the power transition to racing to stick afloat, hobbled by way of manufacturing issues and dwindling finances.

© Reuters. FILE PHOTO: Northvolt facility in Vasteras, Sweden, September 29, 2021. REUTERS/Helena Soderpalm/File Photo

Northvolt’s CEO and co-founder Peter Carlsson stepped down on Friday, an afternoon after the corporate filed for U.S. Bankruptcy 11 chapter coverage.

In November 2019 the corporate had finished its $1 billion fairness capital elevating, aimed toward investment its plans to construct Europe’s largest lithium-ion battery plant, led by way of Germany’s Volkswagen (ETR:) and Goldman.

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