Hydro acquires remaining shares in Hydrovolt

13 Jan 2025 08:00 CET

Hydro and Northvolt have signed an agreement where Hydro will acquire the
remaining shares in the battery recycler Hydrovolt for NOK 78 million. Hydro is
increasing its ownership in Hydrovolt from 72 to 100 percent through this
transaction.

Hydrovolt is a battery recycling and raw materials company established in 2020
as a 50/50 joint venture between Hydro and Northvolt. Hydrovolt is recycling EV
and industrial batteries, creating a circular solution for end-of-life batteries
by recovering secondary raw materials, including black mass for battery
production and aluminium for recycling.

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. Hydro 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 closing of the transaction is expected by the end of Q1 2025 pending certain
conditions, including approval by the relevant courts in accordance with
Northvolt's Chapter 11 process.


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

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

More information:
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