Hydro said in a statement it would through the deal raise its stake in Hydrovolt to 100% from 72%.

Hydro said in October it had raised its stake in Hydrovolt, a joint venture partner Northvolt, which is under Chapter 11 bankruptcy protection in the US since November.

Hydro said today it is exploring new partnerships to secure the long-term financing and growth of Hydrovolt.

“Hydrovolt and Northvolt’s battery recycling plant, Revolt, plan to continue their commercial collaboration,” it added.

It said it expects to finalise its acquisition of the remaining shares in Hydrovolt by the end of the quarter, and that the deal is subject to court approvals in accordance with Northvolt’s Chapter 11 process.

Northvolt, once hailed as Europe’s best shot at a home-grown EV battery champion, is racing to stay afloat by slimming down and cutting jobs, hobbled by production problems, loss of a major customer contract and a lack of funding.