Vianode, owned by Norsk Hydro, Elkem and Altor, will devote 2 billion Norwegian crowns ($193.51 million) in building a large-scale plant for sustainable battery components in Norway, the business stated on Wednesday.

“The conclusion is an essential move in direction of setting up a full battery benefit chain in Norway for the European current market,” it reported in a assertion.

The plant will be capable to create anode graphite for approximately 20,000 electric vehicles (EVs) per yr by 2024. Vianode also designs a 2nd-stage plant with the capability to give supplies to two million EVs for every year by 2030, it claimed.

“The graphite resources from Vianode are manufactured with up to 90% lessen CO2 emissions than modern standard components.”

Norway, a big oil and gas producer, aims to diversify its industry base, together with capitalising on its obtain to minerals, metals and rare earths that are critical to Europe’s sustainable battery-making ideas.

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