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Norway's Vianode invests $194 million in battery materials plant

·1-min read
Illustration shows Norsk Hydro logo

COPENHAGEN (Reuters) - Vianode, owned by Norsk Hydro, Elkem and Altor, will invest 2 billion Norwegian crowns ($193.51 million) in building a large-scale plant for sustainable battery materials in Norway, the firm said on Wednesday.

"The decision is an important step towards establishing a complete battery value chain in Norway for the European market," it said in a statement.

The plant will be able to produce anode graphite for roughly 20,000 electric vehicles (EVs) per year by 2024. Vianode also plans a second-phase plant with the capacity to provide materials to two million EVs per year by 2030, it said.

"The graphite materials from Vianode are produced with up to 90% lower CO2 emissions than today's standard materials."

Norway, a big oil and gas producer, aims to diversify its industry base, including capitalising on its access to minerals, metals and rare earths that are key to Europe's sustainable battery-making plans.

($1 = 10.3352 Norwegian crowns)

(This story corrects to add million in headline)

(Reporting by Stine Jacobsen, editing by Anna Ringstrom)