Norwegian aluminium and renewable energy company Hydro is acquiring the remaining shares in battery recycling and raw materials company Hydrovolt from the Swedish battery developer and manufacturer Northvolt.
Hydro will increase its ownership in what was a 50-50 joint venture from 72 to 100% of Hydrovolt for Nkr78 million ($6.9 million).
The company was established in 2020, but Northvolt’s Chapter 11 bankruptcy process means Hydro has been solely funding the Hydrovolt operations since the second half of 2024.
Hydro said in a statement that whilst Northvolt will no longer co-own the Revolt plant in Fredrikstad, Norway, it intends to continue to collaborate commercially with Northvolt.
Hydro added it is “actively exploring” new partnerships to secure the long-term financing and growth of Hydrovolt.
The transaction is expected to close by the end of the first quarter of 2025, subject to regulatory and legal approvals.
Photo: Hans Fredrik Asbjørnsen, Hydro