Hydro Completes Acquisition of Hydrovolt in Strategic Move

Norway's Hydro has acquired the remaining shares in its battery recycling joint venture, Hydrovolt, from Northvolt for 78 million Norwegian crowns. This purchase increases Hydro's stake to 100%. Northvolt, which has been under bankruptcy protection in the U.S. since November, was a joint partner in Hydrovolt.

Norway-based Hydro has announced the complete acquisition of battery recycling company Hydrovolt by purchasing the remaining shares from Swedish battery manufacturer Northvolt. The transaction, valued at 78 million Norwegian crowns ($6.79 million), now places Hydro in full control of Hydrovolt, increasing its stake from 72% to 100%.

The strategic acquisition follows a previous stake increase by Hydro in October. Northvolt, Hydrovolt's former co-founder, has been under bankruptcy protection in the United States since November, impacting its joint venture collaborations.

This move underscores Hydro's commitment to strengthening its presence in the battery recycling industry, aligning with global sustainability trends as the market evolves. The valuation exchange rate is $1 per 11.4815 Norwegian crowns.

(With inputs from agencies.)