Northvolt Sells Its Stake in Recycling JV to Norsk Hydro
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Bankrupt battery maker Northvolt AB agreed to sell its remaining shares in a recycling venture to Norsk Hydro ASA as it continues to slim down operations amid a Chapter 11 process in the US.
Norsk Hydro will increase ownership in the project, known as Hydrovolt, to 100% from 72% as a result of the latest deal valued at 78 million Norwegian kroner ($6.8 million), according to a statement on Monday.