Hydro Pulls Plug on Green Hydrogen and Battery Projects
- Hydro to cut funding due to challenging market conditions
- Group held a minor stake in collapsed battery-maker Northvolt
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Norsk Hydro ASA will shut its battery materials and green hydrogen businesses, in a further sign of the commercial pressures on companies striving to meet Europe’s green-energy goals.
Hydro — a major producer of hydropower and aluminum — has been building a battery business since 2017, investing in firms involved in recycling, lithium production, and other raw materials. It also held a minor stake in Northvolt, which filed for bankruptcy protection last week.