Vianode Invests NOK 2 Billion in Battery Materials Plant in Norway

Vianode, a company owned by Elkem, Hydro and Altor, has decided to invest in its first industrial-scale plant for sustainable battery materials at Herøya in Norway.

The investment of around NOK 2 billion will create new industrial jobs and provide critical battery materials. The decision is an important step towards establishing a complete battery value chain in Norway for the European market.

The industrial plant at Herøya, Norway, will produce anode graphite for about 20,000 electric vehicles (EVs) per year by 2024. This investment is the first phase in a larger investment plan.

The plant construction will be carried out in parallel with preparations for a second phase plant scaled to provide battery materials to 2 million EVs per year by 2030, covering a significant share of the global EV market.

"The investment decision marks a historic step for Vianode and its owners and is a recognition of the work put in by both our employees and partners. Based on strong support from owners Elkem, Hydro and Altor, Vianode now has a solid foundation to succeed with building industrial leadership in advanced battery materials with a green footprint," says Asbjørn Søvik, Vianode's interim CEO and executive chair of the board.

"The global demand for batteries is growing rapidly, driven by the green transition, but there is not sufficient ramp-up of battery materials production. Europe is facing a significant shortfall of graphite materials towards 2030, which Vianode aims to address with our high-performance offerings. Automakers and authorities are also increasingly focused on a sustainable value chain, where Vianode has a unique offering with our low CO₂ footprint," says Stian Madshus, general manager for Vianode.