Swedish Northvolt is not alone in having challenges when it comes to battery production. Now, Norwegian aluminum producer Norsk Hydro announces that it will phase out its battery and green hydrogen operations due to challenging market conditions.
"Battery materials and green hydrogen will no longer be strategic growth areas for Hydro and no further capital will be allocated", Norsk Hydro announces in connection with the company's capital market day.
The announcement is part of the cost-cutting package of 6.5 billion Norwegian kronor that the company is now launching. Norsk Hydro has had battery operations since 2017.
