Ontario Fund Writes Down $400 Million Investment in Northvolt
- Public sector money manager bought convertible debt in 2023
- Other Canada funds including CPPIB also invested in Northvolt
Signage at the Northvolt Dwa battery systems plant in Gdansk, Poland.
Photographer: Damian Lemanski/BloombergThis article is for subscribers only.
Investment Management Corp. of Ontario has written down its $400 million investment in Northvolt AB, the electric vehicle battery maker that filed for bankruptcy protection last year, according to people familiar with the matter.
The Canadian pension manager bought Northvolt convertible bonds in 2023, its largest transaction in Europe at the time. IMCO manages about C$77 billion ($53.8 billion) for public-sector groups in the province of Ontario.