Amid financial turmoil, Northvolt sells its stake in battery recycling JV Hydrovolt to Hydro: Know more

Swedish electric-vehicle battery maker Northvolt sells its remaining shares in battery recycler Hydrovolt to Oslo’s aluminium and energy company Hydro, for NOK 78M (nearly €6.66M). The deal increases Hydro’s ownership in Hydrovolt from 72 per cent to 100 per cent.

This development for Northvolt comes amid its financial crisis. In 2024, the company announced a shift toward reorganisation as it filed for Chapter 11 bankruptcy protection in the US, following production challenges, the loss of a major customer contract, and a funding crisis. 

Northvolt also downsized its operations and ceased funding for most of its joint ventures and non-core businesses.

Since mid-2024, Hydro has taken full responsibility for financing Hydrovolt’s operations and is actively seeking new partnerships to secure the company’s long-term growth. 

Although Northvolt is no longer a co-owner of the battery recycling plant Revolt, Hydro stated that it will “continue commercial collaboration” with Northvolt, highlighting their roles as “two of the earliest movers and complementary players in the European battery recycling value chain.”

The acquisition deal is expected to close by the end of Q1 2025, pending approval from relevant courts as part of Northvolt’s Chapter 11 restructuring process.

What does Hydrovolt offer?

Founded in 2020 as a 50/50 joint venture between Hydro and Northvolt, Hydrovolt develops technology to improve the recovery of materials from EVs and industrial batteries through recycling.

The company aims to accelerate the transition to a circular economy by ensuring no battery is wasted. It focuses on a recycling process with enhanced safety and quality, supported by innovative processes and partnerships. 

Hydrovolt’s goal is to provide sustainable secondary raw materials through urban mining and recycling, enabling a circular battery value chain and producing high-quality, greener batteries from recycled materials.

Brief about Hydro

Hydro is an aluminium and renewable energy company focused on a sustainable future. Its purpose is to develop natural resources into products and solutions. 

Since 1905, Hydro has turned natural resources into products for people and businesses, employing 33,000 people across 40 countries. The company operates in various sectors, including aluminium, energy, metal recycling, renewables, and batteries, with investments in sustainable industries.