January 17, 2025: Norway’s Hydro said on January 13 it was taking full control of battery recycler Hydrovolt in a NOK 78 million ($7 million) shares purchase deal with troubled Northvolt.

Buying the shares from Northvolt takes Hydro’s stake in Hydrovolt from 72% to 100%.

The closing of the transaction is expected by the end of the first quarter of this year, subject to various conditions, including approval by the relevant courts in accordance with Northvolt’s Chapter 11 process.

Batteries International reported last November that Northvolt and some of its subsidiaries in the US had filed for Chapter 11 bankruptcy protection in the US.

Chapter 11 protection enables a firm to continue trading while it re-organizes itself. The voluntary restructuring should release access to $145 million in cash and $100 million debtor-in-possession financing (this allows them to continue operations).

Hydrovolt was established in 2020 as a 50:50 joint venture between Hydro and Northvolt to recycle EV and industrial batteries.

However, since the second half of 2024 Hydro has been financing Hydrovolt’s operations alone and is now looking for new partnerships to secure the long-term financing and growth of Hydrovolt. 

Northvolt’s own battery recycling plant, Revolt, and Hydrovolt intend to continue commercial collaboration, as two of the earliest movers and complementary players in the European battery recycling value chain.