Norwegian industrial company Hydro has agreed to purchase the remaining 28% stake in battery recycler Hydrovolt from Swedish EV battery maker Northvolt for 78 million Norwegian crowns ($6.79 million). This acquisition will bring Hydro’s ownership of Hydrovolt to 100%.
The deal, expected to close by the end of the quarter, requires court approval as Northvolt has been under U.S. Chapter 11 bankruptcy protection since November. Hydro is exploring new partnerships to ensure Hydrovolt’s long-term financing and growth.
Despite the sale, Hydrovolt and Northvolt’s battery recycling plant, Revolt, will maintain their commercial collaboration. Hydro had increased its stake in Hydrovolt earlier in October before deciding to fully acquire the company.
Northvolt, once considered a leading European EV battery producer, is grappling with production challenges, the loss of a key customer contract, and financial constraints. These issues have led the company to downsize and cut jobs in a bid to stabilize operations.
Hydro’s acquisition marks a strategic move to consolidate its position in the growing battery recycling market. ($1 = 11.4815 Norwegian crowns)
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