Hydro increases stake in advanced battery materials firm Vianode

Norwegian aluminium and renewable energy company Norsk Hydro ASA (OSE:NHY) said on Monday it has acquired an additional 20% stake in Oslo-based advanced battery materials company Vianode.

This follows the exercise of a put option by private equity fund Altor, with Hydro and Altor to now have equal 50% holdings in Vianode.

After Norwegian silicon-based materials provider Elkem (OSE:ELK) exited Vianode in March, Altor and Hydro remained shareholders with 70% and 30% stakes, respectively. The shareholder agreement involves a put-and-call option, allowing each party to adjust ownership to 50/50 and share costs accordingly.

Hydro said it incurs no additional costs for the acquisition, which is pending competition clearance.

Vianode, a synthetic graphite manufacturer for the batteries industry, has been operating an industrial pilot plant in Kristiansand, Norway, since 2021. It is slated to complete an industrial-scale plant at Heroya Industripark in Norway by the end of 2024.

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