Hydro eyes 100% ownership in battery-recycling JV Hydrovolt

On Monday, January 13, Norsk Hydro announced it would purchase the remaining shares in Hydrovolt from the Swedish battery developer and recycler Northvolt AB for NOK 78 million. Following the acquisition, Hydro will gain full ownership in Hydrovolt, a battery-recycling joint venture between Hydro and Northvolt, with the shareholding rising to 100 per cent from 72 per cent.

Image Source: Norsk Hydro

Hydrovolt was established in 2020 as a 50/50 joint venture between Hydro and Northvolt. Starting with a capacity of processing 12,000 tonnes of battery packs annually, the joint venture company became Europe’s largest electric vehicle battery recycling plant over the years, promoting a circular solution for end-of-life batteries.

Hydro’s decision to acquire the remaining shares in Hydrovolt comes after it has solely financed the joint venture’s operations since the second half of 2024. Post-acquisition, Hydro plans to seek partnerships with new companies for long-term funding in Hydrovolt, aiming to grow further as a leading player in European battery recycling.

The remaining acquisition, awaiting approval by the relevant courts in accordance with Northvolt’s Chapter 11 process, is expected to close by the end of the first quarter of 2025.

This acquisition will also enable Hydro to expand its aluminium recycling capacity and strengthen its position in the industry. In 2024, Hydro built a new recycling plant in Spain and commissioned a new plant in Hungary.