Hydro reduces ownership in Vianode

24 Oct 2024 07:02 CEST

Hydro has decided to reduce its ownership in synthetic graphite producer
Vianode, based in Norway, from 30 to 19.9 percent.

On September 6, the private equity fund Altor exercised a put option requiring
Hydro to acquire an additional 20 percent of Vianode. This transaction has not
been executed.

Hydro has agreed with Altor to cancel the put option and has further sold 10.1
percent of Vianode to Altor. Hydro's remaining shareholding is 19.9 percent and
Hydro will step down from the Board of Directors of Vianode.

As part of the agreement, Hydro and Altor have a mutual put/call option for the
remaining 19.9 percent of shares, which will be exercised no later than February
28, 2025.

Vianode is on a growth journey to supply the battery industry with much needed
low-carbon graphite. However, Hydro has decided to allocate its capital towards
projects supporting its strategic priorities towards 2030 and will therefore no
longer provide further capital to Vianode.

Impairments of NOK 956 million of investments in Vianode are taken in the third
quarter, with NOK 581 million impacting reported EBITDA and shareholder loan in
Vianode of NOK 375 million is impacting Finance expense.


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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