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Batteries

The Batteries business unit in Hydro Energy develops current assets and explores additional business opportunities within the battery value chain.

Battery

During the last years we have engaged in selected ventures within battery and energy storage. An overview of some of the engagements is listed below.

The investments were made to learn through active ownership, and we selected ventures that combined high value potential with opportunity to learn and contribute as an active owner. With these investments we already have a strong track record and a healthy growth potential.  

The battery sector is expected to grow very fast globally and in Europe, mainly on the back of the ongoing automotive industry transformation from fossil fuel to electrical vehicles.  

There is demand for a sustainable European battery value chain, and Hydro and Norway is well placed to take significant positions in this sector. Our dedicated team will systematically build competence through hiring of experts, and actively develop and expand Hydro’s battery footprint.   

We aim to explore new growth in areas where our capabilities match the global megatrends,  says Hilde Merete Aasheim, CEO & President.

 

 

Corvus Energy

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  • Leading Norwegian/Canadian energy storage solutions provider for maritime.
  • State-of-the-art battery systems assembly plant in Bergen, Norway.

Hydro's role

  • Part-owner since 2017, currently 21.1% ownership share.
  • Board membership and industrial partner.

Corvusenergy.com

Northvolt

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    • To become a leading supplier of sustainably produced battery cells
    • Their Northvolt Ett plant in Sweden will start commercial production in 2021 with ramp up to 32 GWh by 2024. Potential to expand further
    • Construction of their Northvolt Zwei plant in Germany will start in 2021. Initial output will be 16 GWh

Hydro’s role

  • Part-owner since 2019
  • ~1% ownership share
  • Seat on advisory board

Northvolt

Hydrovolt

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  • Joint venture (50/50) with Northvolt
  • Recycling plant for Li-Ion battery materials from electric vehicles
  • First of its kind in Norway and one of the most advanced in the world
  • The plant is set to start operations in late 2021.
  • Aluminium to be recycled by Hydro

Hydro's role

  • Founding partner and part-owner since 2020
  • Board membership and industrial partner

Hydrovolt

European battery business

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  • Explore potential for European battery business
  • MoU for strategic partnership with Panasonic and Equinor
  • Preliminary findings of joint study expected around mid-2021

Hydro's role

  • Strategic partner
  • Part of business case and market assessment team

Jointbatteryinitiative