Hydro acquires remaining shares in Hydrovolt
Norway's Hydro says it has signed an agreement to acquire the remaining shares in the battery recycler Hydrovolt, Northvolt's and Hydro's battery recycling joint venture, for NOK 78 million
Hydrovolt was established in 2020 as a 50/50 joint venture between the Norwegian company and Swedish battery manufacturer Northvolt.
However, since the second half of 2024 Hydro has been financing Hydrovolt’s operations alone – and is now actively exploring new partnerships to secure the long-term financing and growth of Hydrovolt.
Hydro says in a press release that the it is confident in Hydrovolt's potential and ability to become a leading European player in battery recycling, and that it remains attractive to the right partner.
The closing of the transaction is expected by the end of Q1 2025 pending certain conditions, including approval by the relevant courts in accordance with Northvolt’s Chapter 11 process.
Hydrovolt is headquartered in Oslo and operates one of Europe’s largest EV battery recycling plants in Fredrikstad, Norway.
The Norwegian company states further that Hydrovolt and Northvolt's battery recycling plant, Revolt, intend to continue commercial collaboration.
