Vianode Seeks Strategic Partner or Sale to Fund Synthetic Graphite Expansion
Vianode's Search for Strategic Investment and Expansion Plans
By Marie Mannes
Vianode Engages J.P. Morgan Amid Western Push to Reduce Chinese Reliance
STOCKHOLM, Sept 30 (Reuters) - Norwegian synthetic graphite producer Vianode has hired J.P. Morgan to help it to find a partner to support its next expansion phase, CEO Burkhard Straube told Reuters, as Western companies race to reduce reliance on Chinese battery materials.
Strategic Partnership Options and Market Context
Vianode, which lists General Motors among its customers, is seeking a partner that could provide capital, industrial expertise or a broader strategic relationship and is open to outcomes ranging from a partnership to a full takeover, Straube said.
Companies within the battery ecosystem face a difficult funding environment after the collapse of Swedish battery maker Northvolt and slowing demand for electric vehicles. The market for battery-grade graphite, meanwhile, is dominated by China, which controls about 95% of global supply.
Seeking a Partner with Shared Vision
Altor's Role and Funding Challenges
SEEKING PARTNER WITH THE SAME STRATEGIC AMBITIONS
Swedish private equity firm Altor has been Vianode's sole financial backer since 2024, when Norsk Hydro said it would sell its stake and halt further funding as part of a broader retreat from battery investments.
Requirements for New Partners
Straube said that Vianode requires its new partner to have the same strategic ambitions and financial capabilities and capacity to back the company. Vianode hopes to have a partner in place as soon as the end of this year and is open to industrial and financial investors, he added.
General Motors Agreement and Plant Expansion
Impact of EV Market Shifts
In January 2025, General Motors signed a multibillion-dollar agreement for Vianode to provide synthetic graphite anode materials for EV batteries, but GM has — like Nissan, Jeep maker Stellantis and others — scaled back EV ambitions as demand has cooled and US President Donald Trump has rolled back support for EVs.
Ontario Plant and Production Timeline
Vianode is building a synthetic graphite plant in Ontario capable of supplying material for about 2 million electric vehicles annually but requires additional funding for it to be completed. Production is currently scheduled to start in 2029, later than originally envisaged.
Norwegian Operations and Customer Base
The company has operated a plant in Norway since 2024, with capacity expected to reach 2,000 metric tons per year, enough for about 35,000 electric vehicles, and also has customers within the energy storage and defence sectors.
"It is an attractive case for the right partner, with Vianode having proven both its technological and commercial viability," said Altor's press contact Andreas Hamrin.
North American Focus and Industry Outlook
Shift from Europe to North America
Vianode shifted its expansion focus to North America in 2023, arguing that Europe lacked the incentives and regulatory support to compete with North America's push to develop domestic battery supply chains.
Industry Preparedness and Regulatory Environment
"The framework does not exist in Europe, and the preparedness in the industry to source from resilient local supply chains is not the same as in North America," Straube said.
(Reporting by Marie MannesEditing by Anousha Sakoui and David Goodman)
