Hydro, a Norwegian leader in energy and industrial materials, has confirmed the acquisition of all shares in Hydrovolt, a company specializing in recycling batteries for electric vehicles (EV). By spending USD 7.6 million (equivalent to NOK 78 million), Hydro increases its ownership in Hydrovolt from 72% to 100%, further solidifying its role in circular economy and energy storage.
Hydrovolt, based in Fredrikstad, Norway, is a key player in Europe for managing end-of-life batteries. The company recycles both electric vehicle and industrial batteries, recovering strategic materials such as aluminum and “black mass,” a critical component for new battery production.
Hydro strengthens its strategic control
Since the second half of 2024, Hydro has solely financed Hydrovolt’s operations following a restructuring of its partnership with Northvolt. This acquisition allows Hydro to enhance its efforts to make recycling a cornerstone of its industrial and energy strategy.
Northvolt, while selling its shares, will maintain a commercial collaboration with Hydrovolt. This alliance aligns with a shared vision to strengthen Europe’s battery recycling and production value chains.
A conditional transaction
The acquisition of all shares remains subject to legal and administrative conditions. The transaction, expected by the end of Q1 2025, requires approval from courts within the framework of Northvolt’s Chapter 11 proceedings.
Moreover, Hydro is actively seeking new financial partners to support Hydrovolt’s long-term development. The Norwegian company aims to position Hydrovolt as a key player in battery recycling across Europe.
