Goldman funds to take $900 million hit on Northvolt, FT reports
- Funds managed by Goldman Sachs will write off nearly $900 million after Swedish lithium-ion battery producer Northvolt filed for Chapter 11 bankruptcy earlier this week, Britain's Financial Times reported on Saturday.
"While we are one of many investors disappointed by this outcome, this was a minority investment through highly diversified funds. Our portfolios have concentration limits to mitigate risks," Goldman said in a statement.The group went in a matter of months this year from being Europe's best shot in a vital industry for the energy transition to racing to stay afloat, hobbled by production problems and dwindling funds.
In November 2019 the company had completed its $1 billion equity capital raising, aimed at funding its plans to build Europe's biggest lithium-ion battery plant, led by Germany's Volkswagen (ETR:Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors.
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