Norway's Hydro says Northvolt no longer involved in Hydrovolt financing
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Oct 31 2024
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Should l Buy ?
Source: Reuters
Hydrovolt Financing Changes: Norway's Hydro has taken full financial control of the Hydrovolt battery recycler, increasing its stake from 50% to 62%, while its partner Northvolt has ceased funding due to operational challenges and financial difficulties.
Northvolt's Strategic Shift: Northvolt is refocusing on its core battery cell production amid struggles, including job cuts and loss of a major customer, while Volvo Cars is looking to acquire Northvolt's share in their joint venture due to Northvolt's withdrawal from funding.
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About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
