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Norway's Hydro states Northvolt no longer involved in Hydrovolt financing

Norway's Hydro said on Thursday it is now the sole business funding the Hydrovolt battery recycler, while its partner in the joint venture, Sweden's Northvolt, is no longer associated with paying for the operations.

The Norwegian group has actually just recently raised its stake in Hydrovolt to 62% from the original 50% owned when the partnership was established in 2020, a Hydro spokesperson stated.

We're continuing our operations and activity as prepared, in line with the board's strategy, a Hydrovolt representative stated.

Northvolt did not immediately react to ask for remark.

Northvolt, as soon as hailed as Europe's finest contended a home-grown electric-vehicle battery champ, is racing to survive by slimming down and cutting tasks, hobbled by production issues, loss of a significant customer contract and a lack of funding.

The formation of Hydrovolt was essential to Northvolt's goal of sourcing 50% of basic materials from recycled batteries by 2030, minimizing the requirement for mining, enhancing security of supply and decreasing the environmental footprint, the business have stated.

Northvolt has stated it now focuses on enhancing output from its core battery cell-making company, which it is working to secure funding.

On Wednesday, Volvo Cars stated it was looking for to take over Northvolt's stake in their Swedish battery-making joint endeavor NOVO, as Northvolt had actually stopped contributing funds.

(source: Reuters)