Norwegian company to build Europe’s largest battery recycling facility

The Norwegian company Hydrovolt, based in Fredrikstad, is expanding its capacity to recycle electric vehicle and industrial batteries. Hydrovolt will scale up its production facility with a new $6.3 million investment from DNB bank and export credit agency Eksfin.

The financing will allow Hydrovolt to recycle batteries equivalent to Norway’s entire outgoing electric vehicle fleet each year by 2030. The company expects increased demand for battery recycling due to circular economy requirements, geopolitical uncertainties around raw material access, and rising electrification of transportation.

– The funding from DNB and Eksfin enables us to develop a more circular approach in the battery value chain, where our solution can play a key role in the energy transition. The capacity and competence expansion also allows us to leverage our industrial experience to establish operations in other important markets, said Erik Magelssen, CFO of Hydrovolt.

The translation was written by an AI system, though the original text was authored by a human.