Vianode Secures €33.4 Million to Scale Up Sustainable Battery Materials in Norway

Norwegian battery materials company Vianode has secured a 400 million Norwegian kroner (€33.4 million) loan from Innovation Norway, aimed at accelerating the company’s expansion of sustainable anode graphite production. The financing will support Vianode’s first large-scale industrial facility, “Via ONE”, at Herøya Industrial Park, as well as a technology centre in Kristiansand and its Oslo headquarters.

The loan is part of Innovation Norway’s Green Industry Financing program and is granted under market terms, ensuring compliance with EFTA regulations. It will be supplemented by additional investment from Vianode’s co-owner Altor. Vianode, which started operations in 2021, is now jointly owned by Hydro and Altor, following Elkem’s exit in 2024.

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“Vianode’s 200 employees and three sites in Norway are the foundation for innovation, competence development and product qualification which enable our international growth,” said CEO Burkhard Straube. “The loan from Innovation Norway strengthens our execution platform as we progress long-term funding for our multi-billion-dollar phased investment program which will enable Vianode to deliver materials for 3 million electric vehicles per year by 2030.”

Leon Bakkebø, Director of Banking and Finance at Innovation Norway, said the company demonstrates how Norway’s deep expertise can be harnessed to create lower-emission products for global markets. “The loan helps strengthen the company’s R&D environment in Norway and enables scaling for international growth,” he said.

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Vianode’s proprietary process for synthetic anode graphite cuts CO₂ emissions by up to 90 percent compared to conventional methods. The material, which typically accounts for 70 kilograms of a lithium-ion battery, is essential for electric vehicles. The company also aims to halve its product carbon footprint again by 2030 and has made strides in graphite recycling technologies. Vianode’s client list includes General Motors, which recently selected it as a strategic supplier.