Vianode secures €33.4 million loan from Innovation Norway
The financing will support further development of Vianode’s planned industrial-scale facility for anode graphite solutions – known as “Via ONE” – located at the Herøya Industrial Park. It will also help fund a technology centre in Kristiansand and the company’s headquarters in Oslo. All investments will remain within Norway. According to Vianode, the loan will be supplemented by further investment from the company’s owner, Altor.
Innovation Norway is the Norwegian government’s primary tool for promoting innovation and industrial development. The loan to Vianode falls under the agency’s Green Industry Financing scheme. It is being granted on market terms and therefore does not constitute state aid under ESA (EFTA Surveillance Authority) regulations.
“Vianode’s 200 employees and three sites in Norway are the foundation for innovation, competence development and product qualification which enable our international growth,” said Burkhard Straube, CEO of Vianode. “The loan from Innovation Norway strengthens our execution platform as we progress long-term funding for our multi-billion-dollar phased investment program which will enable Vianode to deliver materials for 3 million electric vehicles per year by 2030.”
Leon Bakkebø, Director of Banking and Finance at Innovation Norway, added: “Vianode is an example of a company built on the unique expertise developed over time in Norway. By leveraging proprietary technology, they can deliver products the world demands with lower emissions than before. The loan helps strengthen the company’s R&D environment in Norway and enables scaling for international growth.”
Vianode began producing anode graphite solutions at a pilot facility in Kristiansand four years ago. Its first full-scale production plant was launched in Herøya in October 2024. Earlier this year, the company secured the largest order in its history: US carmaker General Motors (GM) selected Vianode as a strategic supplier of anode graphite.
Vianode was founded in 2021 by Norwegian metals group Elkem, which exited the company in 2024. Vianode is now jointly owned by industrial and investment firms Hydro and Altor, who joined in 2022. Management recently confirmed plans to build industrial-scale anode graphite production facilities in North America and Europe, with phased investments expected to reach several billion US dollars.
Vianode’s production process for synthetic anode graphite is designed to reduce CO₂ emissions by up to 90 per cent compared to conventional methods. The company also aims to halve the carbon footprint of its products again by 2030. Anode graphite typically accounts for the largest share of a lithium-ion battery by weight – about 70 kilograms per electric vehicle.
The Norwegian firm is also making progress in producing battery materials using recycled graphite. Vianode has developed its own recycling process that can recover both synthetic and natural anode graphite.
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