07:24 AM EST, 11/25/2024 (MT Newswires) -- Goldman Sachs ( GS ) will reportedly write off nearly $900 million in its investment in Swedish battery maker Northvolt, following the company's bankruptcy filing this week, the Financial Times reported Saturday.

Northvolt, which raised $15 billion from investors and governments, filed for Chapter 11 bankruptcy last week.

Goldman is the second-largest shareholder of Northvolt with a 19% stake through various private equity funds that hold at least $896 million in exposure to the battery maker. The funds will mark down the investment to zero by the end of the year, the report said.

Volkswagen, Northvolt's largest shareholder with a 21% stake, is also expected to face similar losses and is listed as the second-largest creditor in Northvolt's Chapter 11 filing, the report said.

Responding to MTNewswires' request for comment, a Goldman spokesperson said "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."

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