Norsk Hydro has become the sole owner of battery recycling company Hydrovolt after purchasing the remaining stake from struggling Swedish battery manufacturer Northvolt for NOK 78 million ($6.79 million). This move solidifies Hydro’s focus on battery recycling despite scaling back other battery investments.
Northvolt, once seen as a leading European EV battery producer, has faced significant financial struggles, including Chapter 11 bankruptcy in the U.S., production challenges, and the loss of key contracts. Norsk Hydro, which previously held a 72% stake, has been fully financing Hydrovolt’s operations since mid-2024.
Hydrovolt, based in Oslo, recycles lithium-ion batteries from electric vehicles and industrial applications, producing secondary raw materials for reuse. The acquisition will be finalized by the end of Q1 2025, pending court approvals in Northvolt’s bankruptcy process.
Despite previously announcing a phase-out of battery investments, Hydro emphasized that Hydrovolt’s recycling operations align with its sustainability goals and synergy with its aluminum business. A company spokesperson stated that Hydro plans to seek a new partner for Hydrovolt to further develop its battery recycling capabilities.
This acquisition underscores Hydro’s commitment to circular economy practices and sustainable technology, reinforcing its role in the EV battery recycling sector.
