Vianode seeks candidates for partnership or sale

Norsk Hydro ASA

30/09/2026 07:00

Vianode looking to fund next expansion phase
Aims to secure partner by year-end, CEO says
Ontario plant could supply synthetic graphite for about 2 million EVs annually
By Marie Mannes
STOCKHOLM, Sept 30 (Reuters) - Norwegian synthetic graphite producer Vianode has hired J.P. Morgan to help it to find a partner to support its next expansion phase, CEO Burkhard Straube told Reuters, as Western companies race to reduce reliance on Chinese battery materials.
Vianode, which lists General Motors GM.N among its customers, is seeking a partner that could provide capital, industrial expertise or a broader strategic relationship and is open to outcomes ranging from a partnership to a full takeover, Straube said. 
Companies within the battery ecosystem face a difficult funding environment after the collapse of Swedish battery maker Northvolt and slowing demand for electric vehicles. The market for battery-grade graphite, meanwhile, is dominated by China, which controls about 95% of global supply.
     
SEEKING PARTNER WITH THE SAME STRATEGIC AMBITIONS
Swedish private equity firm Altor has been Vianode's sole financial backer since 2024, when Norsk Hydro said it would sell its stake and halt further funding as part of a broader retreat from battery investments.
Straube said that Vianode requires its new partner to have the same strategic ambitions and financial capabilities and capacity to back the company. Vianode hopes to have a partner in place as soon as the end of this year and is open to industrial and financial investors, he added.
In January 2025, General Motors signed a multibillion-dollar agreement for Vianode to provide synthetic graphite anode materials for EV batteries, but GM has — like Nissan 7201.T, Jeep maker Stellantis STLAM.MI and others — scaled back EV ambitions as demand has cooled and US President Donald Trump has rolled back support for EVs. 
Vianode is building a synthetic graphite plant in Ontario capable of supplying material for about 2 million electric vehicles annually but requires additional funding for it to be completed. Production is currently scheduled to start in 2029, later than originally envisaged. 
The company has operated a plant in Norway since 2024, with capacity expected to reach 2,000 metric tons per year, enough for about 35,000 electric vehicles, and also has customers within the energy storage and defence sectors.
"It is an attractive case for the right partner, with Vianode having proven both its technological and commercial viability," said Altor's press contact Andreas Hamrin.  
Vianode shifted its expansion focus to North America in 2023, arguing that Europe lacked the incentives and regulatory support to compete with North America's push to develop domestic battery supply chains.
"The framework does not exist in Europe, and the preparedness in the industry to source from resilient local supply chains is not the same as in North America," Straube said.

 (Reporting by Marie Mannes
Editing by Anousha Sakoui and David Goodman)
 ((marie.mannes@thomsonreuters.com; +46 8 502 423 82))