Hydro signed an agreement with Northvolt, in which Hydro will acquire the remaining shares in the battery recycling facility, Hydrovolt, for NOK 78 million (US$6.9 million). This acquisition increases Hydro’s ownership in Hydrovolt from 72 to 100%.
Headquartered in Oslo, Hydrovolt is a battery recycling and raw materials company established in 2020 as a 50/50 joint venture between Hydro and Northvolt. The company launched its electric vehicle (EV) and industrial battery recycling plant in Fredrikstad, Norway, in 2022, creating a circular solution for end-of-life batteries by recovering secondary raw materials. It is Norway’s first recycling plant for larger lithium-ion batteries from electric cars, marine applications, etc.
The Fredrikstad recycling facility utilizes a fully automated process that enables up to 95% of materials to be recovered from batteries, including aluminum, copper, plastics, and black mass (a powder containing metals of nickel, manganese, cobalt, and lithium). The facility has the capacity to process 12,000 tonnes of battery packs on an annual basis, corresponding to around 25,000 EV batteries — making it Europe’s largest EV battery recycling plant.
Since the second half of 2024, Hydro has been financing Hydrovolt’s operations alone. Hydro is actively exploring new partnerships to secure the long-term financing and growth of Hydrovolt. The company 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.
Northvolt’s battery recycling plant, Revolt, and Hydrovolt intend to continue commercial collaboration, as two of the earliest movers and complementary players in the European battery recycling value chain.
The transaction is expected to close by the end of Q1 2025 pending certain conditions.