Hydro has announced it will acquire the remaining shares of Hydrovolt from Northvolt, a significant development for both companies involved in the battery recycling sector. This acquisition underscores Hydro’s commitment to strengthening its position in the growing energy transition market. Hydrovolt, which operates in Norway, specializes in recycling lithium-ion batteries, a key component for electric vehicles and renewable energy storage systems. By purchasing the remaining 33% of Hydrovolt shares, Hydro aims to fully integrate the recycling operations and enhance sustainability efforts within its own business model.
Hydro, a major player in the aluminum industry, recognizes the importance of battery recycling in ensuring the supply chain remains sustainable. Raleigh, CEO of Hydro, highlighted that this move aligns with their strategic goal to expand their footprint in the circular economy. Northvolt, on the other hand, has been pivotal in developing green battery technologies and aims to reduce carbon emissions in battery production. The firm has collaborated with Hydro since 2020, creating a partnership that focuses on innovative recycling solutions.
The deal comes at a time when the demand for battery recycling is set to surge, as more consumers switch to electric vehicles. Both Hydro and Northvolt believe that this acquisition will position them advantageously amidst increasing regulatory pressures and market needs for sustainability. By integrating Hydrovolt fully, Hydro can leverage its expertise and technology to improve recycling rates and lower environmental impacts.
This acquisition marks a significant step forward in Hydro’s and Northvolt’s journey towards greener battery solutions and strengthens their roles in advancing the energy transition.
Publication Date: 2025-01-13
Read the full story by: Reuters
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