NHYDY Norsk Hydro ASA (QX)

By Dominic Chopping

Vianode, a company owned by Elkem, Hydro and Altor Equity Partners, said Wednesday that it will invest around 2 billion Norwegian kroner ($193.5 million) in its first industrial-scale plant for sustainable battery materials at Heroya in Norway.

Vianode said the industrial plant at Heroya will produce graphite used in batteries for about 20,000 electric vehicles a year by 2024, with a second phase plant expected to provide battery materials to 2 million electric vehicles a year by 2030.

Founded in 2021, Vianode has around 60 employees and with this investment the company will be recruiting around 100 new hires by the end of 2023. With a potential investment decision for a second phase plant, this could increase to 300 employees by the end of 2026, it added.

Write to Dominic Chopping at dominic.chopping@wsj.com

(END) Dow Jones Newswires

September 21, 2022 03:42 ET (07:42 GMT)

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