Hydro & Altor buy stake in Elkem subsidiary Vianode
The Norwegian metal producer Elkem has announced external investors for its battery materials subsidiary Vianode, which was founded last year. Norwegian aluminium producer Hydro and investor Altor will each take a 30 per cent stake in Vianode.
Elkem will remain as the majority shareholder with the remaining 40 per cent. The entry of Hydro and Altor is still subject to the formal approval of all parties and regulatory approvals.
While Vianode was established last year as a wholly-owned subsidiary of Elkem, the metals group said at the time that it was open to partners – it was “currently inviting external industrial and financial partners to participate”.
An investment decision for a potential Vianode pilot plant in Herøya, Norway, is still expected in the first half of 2022. This plant is expected to have about 100 employees and be able to produce graphite for more than 20,000 electric vehicles per year. A potential future large-scale plant could produce graphite for more than one million electric vehicles per year and increase the number of employees in Vianode to around 300. The total investment in the pilot plant and the preparations for a potential large-scale plant is estimated at around 209 million euros.
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