Norsk Hydro to phase out battery, green hydrogen due to challenging market

Norwegian aluminium and renewable energy company Norsk Hydro said that it will no longer invest in battery materials and green hydrogen due to challenging market conditions and will phase out these operations.

It will continue to support Hydrovolt as an industrial owner in close link with the recycling business and strategic partners. Within green hydrogen, Hydro will continue to test the technology at the recycling unit at Hoyanger for internal decarbonization.

At its Capital Markets Day, Hydro announced a new 6.5 billion Norwegian crown improvement program to strengthen it aluminium recycling and extrusions businesses towards 2030.

The program targets operational improvements, procurement, and commercial excellence.

It expects sales for its low-carbon aluminium Hydro REDUXA and its recycled aluminium businesses Hydro CIRCAL to rise by over 20% in 2024, amid weak European and North American markets, building capabilities for future contributions with partners.

The company also confirmed its 2025 and 2026-2029 annual capex of 15 billion crowns with additional annual flexibility.