Swedish AP Funds Write Off Entire $531 Million Northvolt Bet (1)

Sweden’s state-owned pension investors, collectively known as the AP Funds, have fully written down their entire investment in bankrupt battery maker Northvolt AB.

The funds had invested 5.8 billion Swedish kronor ($531 million) in Northvolt’s shares and convertible debt via the jointly-held vehicle 4 to 1 Investments AB. The value of the investment — equivalent to nearly 0.3% of their overall assets under management — has been marked down to zero, according to a spokesman for AP4.

Northvolt filed for Chapter 11 bankruptcy protection in the US in November after a bid to secure rescue funding fell short, leaving ...