GM battery material supplier Vianode explores partnership or sale

Vianode Explores Partnership or Sale to Expand Battery Material Supply

Vianode Seeks Strategic Partner to Support Expansion

By Marie Mannes

Vianode's Search for Capital and Expertise

STOCKHOLM, Sept 30 (Reuters) - Norwegian synthetic graphite producer Vianode is seeking a partner to provide capital, industrial expertise or a broader strategic relationship to support its next expansion phase, its CEO Burkhard Straube said.

Vianode, which counts General Motors among its customers, is open to outcomes ranging from a partnership to a full takeover, Straube told Reuters, adding that the company had hired JP Morgan to help it with the process. 

Global Battery Material Supply Chain Pressures

Western companies are racing to cut their reliance on China for battery materials, with Beijing controlling about 95% of global supply of battery-grade graphite.

Potential Investors and Market Environment

Vianode hopes to have a partner in place as soon as the end of this year and is open to industrial and financial investors, Straube said in an interview.

Challenges in Battery Manufacturing Funding

Companies involved in battery manufacturing face a difficult funding environment after the collapse of Sweden's Northvolt and slowing demand for EVs. 

Current Financial Backers

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.

Strategic Needs for Future Growth

Straube said Vianode, which also has customers in energy storage and defence, needs a new partner to have the same strategic ambitions and financial capabilities and the capacity to back the company. 

"It is an attractive case for the right partner, with Vianode having proven both its technological and commercial viability," said Altor spokesperson Andreas Hamrin.  

Key Partnerships and Expansion Plans

GM Agreement and Market Shifts

US automaker GM signed a multibillion-dollar agreement in January 2025 for Vianode to provide synthetic graphite anode materials for EV batteries.

But like Nissan, Jeep maker Stellantis and others, GM has scaled back its ambitions as demand has cooled and US President Donald Trump has rolled back EV support.

North American Expansion and Production Goals

Vianode is building a synthetic graphite plant in Ontario capable of supplying material for about 2 million EVs annually but requires additional funding for it to be completed.

The company shifted its expansion focus to North America in 2023, arguing Europe lacked the incentives and regulatory support to compete.

Production Timeline and Capacity

Production is currently scheduled to start in 2029, later than originally envisaged. 

Vianode 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. 

(Reporting by Marie Mannes; Editing by Anousha Sakoui, David Goodman and Alexander Smith)