Scottish Mortgage Investment Trust, the technology investment group that is popular with retail investors, appears to have lost £315 million backing the ambitious car batteries group Northvolt.
Peter Carlsson, chief executive of Northvolt, resigned on Friday hours after the company filed for bankruptcy in the United States, with only $30 million left in cash and $5.8 billion in debt.
Scottish Mortgage, which is listed in the FTSE 100, was a substantial backer of the Stockholm-based Northvolt, putting £315 million into the business in several equity injections between 2020 and 2022.
By March last year, it valued its entire investment at £440.5 million, its seventh-biggest holding. However, it slashed the valuation to £52.8 million in October this year and may have to write off more. The