Reported 1 day ago
Norsk Hydro has acquired the remaining stake in battery recycler Hydrovolt from Northvolt for 78 million Norwegian crowns, making Hydrovolt a wholly owned subsidiary. Northvolt, facing severe financial issues and producing setbacks, filed for Chapter 11 bankruptcy protection in the U.S. and has been divesting assets to focus solely on battery cell production. Hydro does not plan to be the sole owner for long, seeking a partner to enhance Hydrovolt's recycling capabilities. The deal is contingent upon court approvals linked to Northvolt's bankruptcy process.
Source: YAHOO