Aluminum producer Norsk Hydro is launching two new business segments called Batteries and Renewables Growth as part of its plan to boost sustainability and expand its reach in recycling trends.

 

The market for batteries is anticipated to develop quickly in Europe and globally, largely due to the conversion away from fossil fuel and toward electric cars, within the auto industry.

 

The Batteries unit will group the company’s existing joint ventures and explore new business prospects that are a value-added part of the battery supply chain, according to news reports. The company will also consider integrating battery storage in its plants to cut down on fuel costs.

 

Hydro has a small stake in Norwegian battery company, Corvus Energy; a minority interest in Sweden’s Northvolt, which is constructing plants to produce electric car batteries; and Hydro Volt, its joint venture in battery recycling.

 

The Renewable Growth business will undertake renewable power developments, starting in the Nordic countries and Brazil. The aluminum company already manages hydropower plants and an onshore Norwegian wind farm.

 

Internal staffing is currently taking place for both units. Hydro is a fully integrated global aluminum supplier in the construction, automotive, and other industries.

 

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