Recently, Elkem，Hydro and Altor Fund V announced a partnership with the intention to accelerate the growth of Vianode, a producer of sustainable battery materials under Elkem. Hydro and Altor will each have 30% ownership in Vianode, while Elkem will retain the remaining 40% ownership.

Vianode was founded in 2020. With its pilot plant at Kristiansand, Norway, Vianode has developed a range of synthetic graphite materials for battery manufacturing. Compared with existing main technologies, in its manufacturing process, Vianode has reduced its greenhouse gas emissions and energy consumption per unit product by 60%-70%. After partnering with Hydro and Altor Fund V, Vianode plans to make an investment in the first-phase plant at Heroya, Norway. After reaching its design capacity, the new plant is expected to produce graphite materials for more than one million EVs per year and create over 1,000 jobs.

As Norway’ largest state shareholding industrial company (the proportion of governmental shares in it is 51%), Hydro boasts advanced experience in production and technical R&D of renewable energies. Altor Fund V has made an investment of USD4.2 billion in over 60 enterprises in Northern Europe and has been committed to leading European enterprises towards renewable energy transition.