Battery Venture Ends With $9M Judgment Against Owner

By Victoria McKenzie (July 29, 2021, 7:02 PM EDT) -- A Norwegian entrepreneur's ambitious battery venture, which at one point supposedly raised $1 billion, ended quietly in Florida federal court Thursday after he failed to mount a defense to a $9 million arbitration enforcement action.

U.S. District Judge Aileen Cannon issued a default judgment ordering Jostein Eikeland to pay Cyprus-based Abalith Holdings Ltd. more than $9 million at a 5% annual interest rate, in addition to attorney fees.

The order enforces an arbitration award issued by a Swiss arbitrator in 2019, who found Eikeland owed the company $7.5 million for failing to repay a loan made while the two parties were...

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