Vianode, owned by Norsk Hydro, Elkem and Altor, will invest 2 billion Norwegian crowns ($193.51 million) in building a large-scale plant for sustainable battery materials in Norway, the firm said on Wednesday.
"The decision is an important step towards establishing a complete battery value chain in Norway for the European market," it said in a statement.
The plant will be able to produce anode graphite for roughly 20,000 electric vehicles (EVs) per year by 2024. Vianode also plans a second-phase plant with the capacity to provide materials to two million EVs per year by 2030, it said.
"The graphite materials from Vianode are produced with up to 90% lower CO2 emissions than today's standard materials."
Norway, a big oil and gas producer, aims to diversify its industry base, including capitalising on its access to minerals, metals and rare earths that are key to Europe's sustainable battery-making plans.
