Investment Management Corp. of Ontario, which invested US$400 million in the Swedish battery startup in 2023, has reportedly slashed the value of its stake since Northvolt’s insolvency. Northvolt and IMCO both declined to comment on the report to The Logic. (Bloomberg)
Talking point: IMCO is one of many Canadian pension funds that is reckoning with its investment in Northvolt as the startup tries to stave off bankruptcy through court protection. The Caisse de dépôt et placement du Québec’s $200-million investment, alongside funding from the Canada Pension Plan Investment Board and Ontario Municipal Employees Retirement System, are also hanging in the balance of Northvolt’s ongoing bankruptcy proceedings. Sweden’s national pension investors, collectively called AP Funds, wrote off their entire stake, while ATP, Denmark’s biggest pension fund, has marked down the value of its investment.
