Norway’s Vianode invests $194 in battery materials plant

The Norsk Hydro logo is shown in this illustration taken on May 3, 2022. REUTERS/Dado Ruvic/Illustration/File Photo

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COPENHAGEN, Sept 21 (Reuters) – Vianode, owned by Norsk Hydro (NHY.OL), Elkem (ELK.OL) and Altor, will invest NOK 2 billion ($193.51 million) in a large-scale sustainable battery materials factory In Norway, the company said Wednesday.

“The decision is an important step in establishing a complete battery value chain in Norway for the European market,” it said in a statement.

By 2024, the plant will be able to produce anode graphite for approximately 20,000 electric vehicles (EVs) per year. Vianode also has plans for a second-phase factory to supply 2 million electric vehicles annually by 2030.

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“Vianode’s graphite material has 90% lower CO2 emissions than today’s standard materials.”

Norway, a large oil and gas producer, aims to diversify its industrial base, including leveraging its access to minerals, metals and rare earths that are vital to Europe’s plans for sustainable battery more

(1 USD = 10.3352 NOK)

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Reporting by Stine Jacobsen, Editing by Anna Ringstrom

Our standard: Thomson Reuters fiduciary principles.

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