The Ontario Municipal Employees Retirement System booked a loss on its US$325 million investment in Northvolt AB, the Swedish electric vehicle battery maker that filed for bankruptcy protection last year.

“At the time we made the investments, Northvolt represented an attractive growth opportunity supported by several other of the world’s most respected investors,” a spokesperson for the pension manager said by email. “Like many others, Omers has now written down its stake.”

The $138.2 billion (US$95.8 billion) pension fund made three investments in Northvolt, including participating in a private placement of equity and a convertible note.

Canadian pension funds were significant investors in the startup. Earlier this week, the Caisse de Depot et Placement du Quebec disclosed that it wrote down its US$150 million investment in Northvolt to zero, and Investment Management Corp. of Ontario has also marked down its investment, which was US$400 million.

Source: BNNBLOOMBERG