Aluminium company Norsk Hydro buys Northvolt recycling division
15 January 2025
Hydrovolt is operating one of Europe’s largest EV battery recycling plants in Fredrikstad, Norway (Photo: Hans Fredrik Asbjørnsen/Hydro)
Norsk Hydro (Hydro) has reported it will purchase the remaining shares of Hydrovolt, the battery recycling division of Northvolt.
Battery cell and pack producer Northvolt entered Chapter 11 bankruptcy in the United States in November 2024 so as to carry out a financial restructuring process.
Key customers included Fluence Energy, Scania, VW, Volvo Cars and Polestar. In mid-2024, BMW cancelled a multi-billion dollar deal with Northvolt for EV battery packs.
The Hydrovolt buyout deal is valued at NOK 78 million (approx. $7 million) after Hydro took a 72% stake in the company in December 2024.
Hydrovolt was formed in 2020 as a 50/50 JV between Northvolt and Hydro. The recycler specialises in recycling EV and industrial batteries to create a circular material solution.
Along with energy, Hydro is a specialist in aluminium production. It will look to receive recycled aluminium from the Hydrovolt operation.
The black mass material which is produced in the battery recycling process for later refining will likely be sold to Northvolt.
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