Norsk Hydro ASA

Hydro acquires remaining shares in Hydrovolt

Hydro and Northvolt have signed an agreement where Hydro will acquire the

remaining shares in the battery recycler Hydrovolt for NOK 78 million. Hydro is

increasing its ownership in Hydrovolt from 72 to 100 percent through this

transaction.

Hydrovolt is a battery recycling and raw materials company established in 2020

as a 50/50 joint venture between Hydro and Northvolt. Hydrovolt is recycling EV

and industrial batteries, creating a circular solution for end-of-life batteries

by recovering secondary raw materials, including black mass for battery

production and aluminium for recycling.

Since the second half of 2024 Hydro has been financing Hydrovolt's operations

alone. Hydro is actively exploring new partnerships to secure the long-term

financing and growth of Hydrovolt. Hydro is confident in Hydrovolt's potential

and ability to become a leading European player in battery recycling, and that

it remains attractive to the right partner.

Northvolt's battery recycling plant, Revolt, and Hydrovolt intend to continue

commercial collaboration, as two of the earliest movers and complementary

players in the European battery recycling value chain.

The closing of the transaction is expected by the end of Q1 2025 pending certain

conditions, including approval by the relevant courts in accordance with

Northvolt's Chapter 11 process.

Investor contact:

Martine Rambøl Hagen

+47 91708918

Media contact:

Halvor Molland

+47 92979797

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