Norsk Hydro: Hydro acquires additional 20 percent of Vianode as Altor is exercising put option

09 Sep 2024 17:00 CEST

On September 6, the private equity fund Altor has exercised its put option,
requiring Hydro to acquire additional 20 percent of Vianode, resulting in equal
50/50 ownership stake for both parties.

Vianode is a synthetic graphite manufacturer for the batteries industry
operating an industrial pilot plant in Kristiansand, Norway, since 2021, and is
expecting to complete an industrial scale production facility at Herøya
Industripark in Norway by end 2024.

Following Elkem's exit from Vianode in March 2024, Altor and Hydro remained
shareholders with 70 and 30 percents ownerships respectively. The shareholder
agreement includes a put-and-call option where each party can require a 50/50
percent ownership and share costs accordingly.

The transaction is pending competition clearance, expected within six to eight
weeks. Hydro incurs no additional costs for this acquisition.

According to Hydro's updated 2030 strategy, Hydro's Batteries unit remains
focused on successful execution of its current investments, while additional
capital allocation will depend on attractiveness.

Investor contact:
Martine Rambøl Hagen
+47 91708918
Martine.Rambol.Hagen@hydro.com

Media contact:
Halvor Molland
+47 92979797
Halvor.Molland@hydro.com

More information:
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