The crisis-stricken Swedish battery manufacturer Northvolt has agreed to sell its 28-percent stake in the jointly owned battery recycling company Hydrovolt to the main owner, the Norwegian energy and aluminum giant Hydro.
Northvolt will receive 78 million Norwegian kronor for the shares.
Hydro states in a statement that it has covered 100 percent of the financing of Hydrovolt's operations since the second half of 2024 and that it is now seeking new partnerships to secure the long-term financing and growth for Hydrovolt.
The transaction must be approved by the bankruptcy court in Texas handling Northvolt's reconstruction process under Chapter 11 of the US bankruptcy legislation.
