Norsk Hydro Expands Ownership in Vianode through a Strategic Move
Norsk Hydro Strengthens Stake in Vianode
Norsk Hydro has taken a significant step to enhance its position within the battery manufacturing industry by acquiring an additional 20 percent of Vianode. This acquisition comes as Altor, the private equity fund, has exercised its put option, bringing both Hydro and Altor to an equal 50/50 ownership stake in the company.
Vianode's Role in Battery Manufacturing
Vianode, a key player in synthetic graphite manufacturing, has been actively involved in the battery sector since the establishment of its industrial pilot plant in Kristiansand, Norway, in 2021. The company is set to finish a large-scale production facility at Herøya Industripark in Norway by the end of 2024. This move is expected to significantly boost production capabilities and cater to the growing demand for high-performance batteries.
Shareholder Dynamics and Agreements
Prior to this acquisition, Elkem exited from Vianode in March 2024, leaving Altor and Hydro as the primary shareholders, holding 70 percent and 30 percent stakes, respectively. The current shareholder agreement is noteworthy; it features a put-and-call option allowing each party to require a shift to a 50/50 percent ownership structure. This arrangement reflects Hydro's commitment to fostering sustainable and equitable partnerships.
Implications of the Transaction
The completion of this transaction is currently awaiting competition clearance, which is expected to be finalized within six to eight weeks. Notably, Hydro will not incur any additional costs for this strategic acquisition, reinforcing its financial stability while expanding its influence in the battery market.
Strategic Focus for the Future
In light of its recent developments, Hydro has reaffirmed its dedication to pursuing the successful execution of its current investments in the batteries sector. The company's updated strategy for 2030 emphasizes the importance of assessing new capital allocation opportunities based on their attractiveness and potential returns.
Contact Information
For further inquiries, investors can reach out to Martine Rambøl Hagen at +47 91708918 or via email at Martine.Rambol.Hagen@hydro.com. For media relations, Halvor Molland is available at +47 92979797 or Halvor.Molland@hydro.com.
Frequently Asked Questions
What recent change occurred in Vianode’s ownership structure?
Norsk Hydro acquired an additional 20 percent of Vianode, achieving a 50/50 ownership with Altor.
What is Vianode’s primary industry focus?
Vianode specializes in manufacturing synthetic graphite for the battery sector.
What facility is Vianode expected to complete soon?
Vianode is working on completing a large-scale production facility at Herøya Industripark by the end of 2024.
What does the shareholder agreement between Hydro and Altor entail?
The agreement allows both parties to require a 50/50 ownership stake through a put-and-call option arrangement.
Who can be contacted for investor relations at Norsk Hydro?
Investors can contact Martine Rambøl Hagen for any inquiries related to investments.
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