Northvolt and Hydro today announced the formation of a joint venture, Hydro Volt, to enable recycling of battery materials and aluminum from the Norwegian market for electric vehicles. Hydro Volt will establish a recycling hub in Norway which will start operations in 2021.
The launch of the joint venture follows an investment in Northvolt by Hydro in 2019 and further strengthens the partnership between the battery manufacturer and the aluminum company, which is based around advancing circular industry technologies and material flows.
Hydro Volt will start operations in Fredrikstad, Norway, with a feed of batteries coming from the Norwegian EV market, which is one of the most advanced in the world.
With Swedish sustainable battery manufacturer Northvolt having committed to draw at least half its components from recycled materials by 2030, the business has formed a joint venture (JV) with its investor Hydro to secure a stream of dead electric vehicle batteries.
Northvolt, set up to establish a sustainable lithium-ion battery manufacturing industry in Europe, already has plans for a pilot materials recycling facility which is set to enter operation this year, as part of its Revolt project.
The Swedish battery manufacturer — which last year raised more than €1bn from the likes of Volkswagen, Goldman Sachs and Ikea — and the Norwegian aluminium company will open a NKr100m ($10m) recycling hub in the south-eastern Norwegian town of Frederikstad next year.
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