Goldman funds write off $900 million due to Northvolt bankruptcy

From Investing.com: 2024-11-23 12:05:41

Goldman Sachs to write off $900 million as Northvolt files for bankruptcy. Second-largest shareholders in Northvolt, Goldman private equity funds plan to write down their $896 million investment to zero by year end. Northvolt went from a promising industry player to struggling due to production issues and financial challenges.

Northvolt CEO Peter Carlsson steps down after filing for bankruptcy protection. In 2019, the company raised $1 billion in equity capital to build Europe’s largest lithium-ion battery plant, with backing from Volkswagen and Goldman Sachs. The company’s rapid decline highlights the challenges faced in the energy transition industry.



Read more at Investing.com: Goldman funds to take $900 million hit on Northvolt, FT reports By Reuters