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Battery modules ready for crushing and sorting

Financing from DNB and Eksfin supports Hydrovolt’s battery recycling efforts in Norway and Europe

May 07, 2024

Hydrovolt will continue to scale its efforts for recycling of EV and industrial batteries. The company anticipates an increased need for battery recycling due to requirements related to circular economy, geopolitical uncertainty related to raw material access, and the growing usage of electric transportation.

The financing from DNB and Eksfin enables the development of a circular approach in the battery value chain, where our solution can play a key role in the energy transition. Scaling up our capacity and expertise will support us in leveraging our industrial experience to establish ourselves in other important markets

Erik Magelssen

Chief Financial Officer, Hydrovolt

Financing from DNB and Eksfin supports a competitive battery industry

Eksfin finances companies that contribute to Norwegian exports together with their banks. New green value chains are highly prioritized in Eksfin’s strategy. DNB has been the facilitator of the financing for Hydrovolt.

When export companies seek to grow in order to become competitive abroad, a lot of capital is required – this is where Eksfin can assist alongside the banks. The guarantee we provide to DNB is in line with Eksfin’s strategic focus on building new green industries in Norway

Bodil Sannes-Vardenær


The financing of Hydrovolt is a good example of how DNB with a guarantee from Eksin, facilitates sustainable transformation in the Norwegian export industry

Marie Tveit

Senior Advisor in the Export Finance Section, DNB

Trine Loe, Divisional Director for Future & Tech at DNB, adds “we believe that such solutions will be crucial for the development of a circular industry, as well as creating new export industries for Norway”

Battery recycling saves the environment and costs

EV batteries often contain metals such as lithium, magnesium, nickel, and cobalt. Recycling these from existing products saves the environment from significant emissions and the industry from costs.

Hydrovolt, with 65 employees, is considering the possibility of establishing recycling facilities in Europe to ensure access to used EV batteries from the growth of electric cars in other European countries. Norway is ahead of other countries in the proportion of electric cars and related infrastructure. This gives an advantage to actors like Hydrovolt.

After further development of our Norwegian battery recycling plant, Hydrovolt will be able to recycle batteries equivalent to 25,000 electric cars annually. We are very proud of the expertise we are building

Erik Magelssen

Chief Financial Officer, Hydrovolt