Vianode seeks candidates for partnership or sale

Stellantis N.v

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))