Presentation

The Batteries business unit in Hydro Energy develops current assets and explores additional business opportunities within the battery value chain. Over the last years they have engaged in selected ventures within battery and energy storage. The investments were made to learn through active ownership, so they selected ventures that combined high value potential with opportunity to learn and contribute as an active owner. With these investments they already have a strong track record and a healthy growth potential. Hydro is currently investing NOK 0.5-1.0bn per year, mainly targeting growth within sustainable battery materials by leveraging it's capabilities.

Hydro has a ownership share in Corvus Energy, a leading Norwegian/Canadian energy storage solutions provider for maritime with a state-of-the-art battery systems assembly plant in Bergen, Norway. They have been a part-owner since 2019 with a ~1% ownership share in Northvolt, with ambitions to become a leading supplier of sustainably produced battery cells. Northvolt and Hydro established the joint venture (50/50%) Hydrovolt in Jun. 2020 to deliver sustainable battery recycling in Europe. Batteries are valuable, even at their EOL. Through recycling, Hydrovolt recovers copper, plastics, aluminum and a material called black mass, which contains the valuable metals of nickel, manganese, cobalt and lithium. With their approach, little of the material within a battery is ever wasted or sent to a landfill. Instead, it is recovered to be circulated back into the manufacturing of new products.

The battery sector is expected to grow very fast globally and in Europe, mainly on the back of the ongoing automotive industry transformation from fossil fuel to electrical vehicles. There is demand for a sustainable European battery value chain, and Hydro and Norway is well placed to take significant positions in the sector. Their dedicated team will systematically build competence through hiring of experts, and actively develop and expand Hydro’s battery footprint.