Norwegian industrial group Hydro announced on January 13 that it has successfully acquired the remaining shares in Hydrovolt, the battery recycling company, from Swedish battery maker Northvolt for 78 million Norwegian crowns ($6.79 million).
This acquisition increases Hydro’s stake in Hydrovolt to 100%, up from the 72% it held previously. The two companies initially launched Hydrovolt as a joint venture, with Northvolt, now under bankruptcy protection in the U.S. since November, holding the remaining shares.
Hydro’s move to take full control of the company aligns with its ongoing efforts to expand its presence in the sustainable energy sector.
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