Elkem Triples First Quarter Earnings, Plans Battery Materials Investment in Vianode

Elkem ASA of Norway has reported an operating income for the first quarter of 2022 of NOK 11,876 million, up 65% from the corresponding quarter of 2021. The results were driven by strong performances in the company’s Silicon Products and Carbon Solutions divisions. The company benefited from high prices and good demand in key markets.

Helge Aasen, Elkem’s CEO, said, “Elkem is starting 2022 at an all-time high, delivering our third consecutive quarter of record results, after a record year in 2021. Our first quarter earnings have been more than tripled from the same period last year. Elkem sees strong demand going into the second quarter, explained by strong market positions, and robust integrated value chains. “

On 6 April 2022, Elkem announced a partnership with Hydro and Altor to accelerate the growth of Vianode, a producer of battery materials. Hydro and Altor will each have 30% ownership in Vianode, while Elkem will retain 40% ownership. The transaction is subject to formal and regulatory approvals.

Vianode has developed a range of synthetic graphite products for batteries with unique performance characteristics and produced with significantly lower CO2 emissions than today’s standard materials. An investment decision for a potential first-phase plant at Herøya, Norway, is expected in the first half of 2022. This investment is estimated at around NOK 2 billion and is pending clarifications related to framework conditions.

Volume 36, Issue 09

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