Struggling Northvolt sells remaining stake in battery recycler to Norsk Hydro [Globe and Mail, The (Toronto, Canada)]
NORSK HYDRO A S ADS (NHYDY)
NASDAQ:AMEX Investor Relations:
hydro.com/en/investor-relations
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Source: Globe and Mail, The
Norsk Hydro became the sole owner of battery recycler Hydrovolt on Monday after the Norwegian aluminum maker agreed to buy the remaining shares from ailing Swedish battery maker Northvolt for 78 million Norwegian crowns ($6.79-million). Northvolt, once hailed as Europe's best shot at a home-grown electric-vehicle battery champion, has been slimming down and racing to stay afloat after being hobbled by production problems, loss of a major customer contract and a funding crisis. The battery maker entered Chapter 11 bankruptcy protection in the U.S. in November and last year ceased funding to almost all of its various joint ventures and non-core businesses. The Norwegian company told Reuters in October that it had raised its stake in the e
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