Hydro and Northvolt have signed an agreement where Hydro will acquire the remaining shares in the battery recycler Hydrovolt for NOK 78 million. Hydro is increasing its ownership in Hydrovolt from 72 to 100 percent through this transaction.

Hydrovolt is a battery recycling and raw materials company established in 2020 as a 50/50 joint venture between Hydro and Northvolt. Hydrovolt is recycling EV and industrial batteries, creating a circular solution for end-of-life batteries by recovering secondary raw materials, including black mass for battery production and aluminium for recycling.

Since the second half of 2024 Hydro has been financing Hydrovolt’s operations alone. Hydro is actively exploring new partnerships to secure the long-term financing and growth of Hydrovolt. Hydro is confident in Hydrovolt's potential and ability to become a leading European player in battery recycling, and that it remains attractive to the right partner.

Northvolt's 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.

The closing of the transaction is expected by the end of Q1 2025 pending certain conditions, including approval by the relevant courts in accordance with Northvolt’s Chapter 11 process.

Investor contact:Martine Rambøl HagenMartine.Rambol.Hagen@hydro.com +47 91708918

Media contact:Halvor MollandHalvor.Molland@hydro.com +47 92979797

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