Hydro acquires additional 20 percent of Vianode as Altor is exercising put option
Summary
Vianode is a synthetic graphite manufacturer for the batteries industry operating an industrial pilot plant in Kristiansand, Norway, since 2021, and is expecting to complete an industrial scale production facility at Her\xf8ya Industripark in Norway by end 2024.Following Elkems exit from Vianode in March 2024, Altor and Hydro remained shareholders with 70 and 30 percents ownerships respectively. The shareholder agreement includes a put-and-call option where each party can require a 50/50 percent ownership and share costs accordingly.The transaction is pending competition clearance, expected within six to eight weeks. Hydro incurs no additional costs for this acquisition.According to Hydros updated 2030 strategy, Hydros Batteries unit remains focused on successful execution of its current investments, while additional capital allocation will depend on attractiveness.