- Hydro to cut funding due to challenging market conditions
- Group held a minor stake in collapsed battery-maker Northvolt
Norsk Hydro ASA will halt funding for its battery and green hydrogen businesses and phase them out over time due to challenging market conditions.
Hydro — a major producer of hydropower and aluminum — has been building a battery business since 2017, investing in firms involved in battery recycling, lithium production, and other raw materials. It also held a minor stake in Northvolt, which filed for bankruptcy protection last week.
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