Longer-Lasting EV Batteries Slow Ramp Up at Recycler Hydrovolt
Electric car batteries are lasting longer than expected, delaying the ramp up of cell reprocessing at a Norwegian recycler, Hydrovolt.
The company — a subsidiary of aluminum producer Norsk Hydro ASA — opened a semi-automated production line for discharging and dismantling batteries last year, with a target of handling 12,000 metric tons of power packs from about 25,000 electric vehicles a year. It will process only about a third of that this year, according to Chief Executive Officer Ole-Christen Enger.
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New Board of Directors Elected for Jøtul Holdings / Nytt Styre Valgt For Jøtul Holdings
Jøtul AS (the 'Company') was pleased to announce the successful completion of a recapitalization and de-levering of Jøtul through a substantial debt to equity conversion in April 2025. The next step in the restructuring process is to operationalize and accelerate a profitable growth strategy for Jøtul. The shareholders have appointed Erik Øyno as executive chairman of the board together with the board members Julie Berg and Ole Kristian Sivertsen to ensure this. In conjunction with electing the executive chairman the shareholders have decided to grant a company owned by Øyno subscription rights of up to 5% of the shares in the Company on terms equal to the equity conversion done in April. Erik Øyno has several decades of CEO experience and has driven growth, change and profitability improvements throughout his career. Most recently he held the position as CEO of Protan, a Norwegian based international building materials supplier within the waterproofing industry. Prior to this Øyno held the role of CEO of Aktiv Kapital, a listed purchaser of non-performing loans, and prior to this the role of CEO of Byggmakker, one of Norway's largest building merchants and DIY retail chains. Julie Berg has extensive CFO experience from her current role as CFO of Mainstream as well as from her prior CFO role of Aker Carbon Capture in addition to decades of experience in auditing and advisory in the UK and Norway. Berg is an experienced leader and has worked with large international and Norwegian companies for over 20 years across a number of sectors. Ole Kristian Sivertsen has extensive international experience from midcap and large companies both as CEO, CFO and for the last years acted as senior corporate adviser at Alvarez and Marsal Europe, Corporate Restructuring. He has decades of experience in redefining and implementing strategies, operational and financial restructuring, turn-around and corporate finance. Sivertsen has been CEO of Umoe Bio Energy, Brazil, CFO of Agility Group, CFO of Umoe Group, and many years of executive finance roles across Aker Kvaerner. The Company's shareholders have confidence in Jøtul's potential and have selected board members who are dedicated to contributing to the continuous improvement of Jøtul and will focus on driving the business forward. With a robust and healthy balance sheet, Jøtul is well-equipped to seize new opportunities and enhance its competitive position in the market. Øyno states that 'With improved financial foundation and a focused ownership structure, Jøtul has the capacity to accelerate and expand strategic priorities. Jøtul has been driving change in the industry for more than 170 years and we are honored to contribute to strengthen and solidify Jøtul's position as one of the largest producers of stoves and fireplaces in Europe. We look forward to working with the competent employees of Jøtul whom every day contribute to Jøtul's continued success' For more information, please contact: The Executive Chairman of the Jøtul, Erik Øyno, erik@ Jøtul is one of the world's oldest producers of stoves, inserts and fireplaces. Building on a proud Norwegian heritage, Jøtul combines fine craftsmanship with the art of coping with the cold for 170 years. Jøtul is headquartered in Fredrikstad, Norway and features five prominent brands – Jøtul, Scan, Ild, Ravelli and Atra – and proudly sells to 45 countries around the world. ------------------------------------ Jøtul AS ('Selskapet') kunngjorde at selskapet i april 2025 fullførte en vellykket rekapitalisering og gjeldsreduksjon gjennom en betydelig gjeld-til-egenkapital-konvertering. Neste steg i restruktureringsprosessen er å operasjonalisere og akselerere en lønnsom vekststrategi for Jøtul. For å sikre dette har aksjonærene utnevnt Erik Øyno som arbeidende styreleder, sammen med styremedlemmene Julie Berg og Ole Kristian Sivertsen. I forbindelse med utnevnelsen av styreleder har aksjonærene besluttet å tildele et selskap eid av Øyno tegningsretter på inntil 5 % av aksjene i selskapet, på vilkår tilsvarende egenkapital-konverteringen som ble gjennomført i april. Erik Øyno har flere tiårs erfaring som konsernsjef og har gjennom sin karriere bidratt til vekst, omstilling og lønnsomhetsforbedringer. Han var sist administrerende direktør i Protan, en norskbasert internasjonal leverandør av byggematerialer innen vanntetting og membraner. Før dette var han CEO i Aktiv Kapital, et børsnotert selskap som investerer i misligholdte konsumentkreditter, og tidligere også CEO i Byggmakker - en av Norges største byggevarekjeder. Julie Berg har omfattende erfaring som CFO gjennom sin nåværende rolle i Mainstream, samt tidligere som CFO i Aker Carbon Capture. Hun har over flere tiårs erfaring innen revisjon og rådgivning i Storbritannia og Norge. Berg er en erfaren leder og har arbeidet med store internasjonale og norske selskaper i over 20 år på tvers av flere sektorer. Ole Kristian Sivertsen har bred internasjonal erfaring fra mellomstore og store selskaper, både som CEO og CFO, og har de siste ni årene vært senior bedriftsrådgiver i Alvarez & Marsal Europe. Han har flere tiårs erfaring med å redefinere og gjennomføre strategier, operasjonell og finansiell restrukturering, snuoperasjoner og selskapsfinansiering. Sivertsen har vært CEO for Umoe Bio Energy i Brasil, CFO i Agility Group, CFO i Umoe Group og flerfoldige år i ledende økonomifunksjoner i Aker Kværner. Selskapets aksjonærer har tillit til Jøtuls potensial og har valgt styremedlemmer som er dedikert til å bidra til kontinuerlig forbedring av selskapet og som vil ha fokus på videre utvikling av virksomheten. Med en robust og sunn balanse er Jøtul godt posisjonert for å gripe nye muligheter og styrke sin konkurranseevne i markedet. Øyno uttaler; «Med et forbedret økonomisk fundament og en fokusert eierstruktur har Jøtul kapasitet og kompetanse til å akselerere og utvide sine strategiske prioriteringer. Jøtul har drevet utvikling i bransjen i mer enn 170 år, og vi er beæret over å kunne bidra til å styrke og befeste Jøtuls posisjon som en av Europas største produsenter av ovner og peiser. Vi ser frem til å arbeide sammen med de flinke medarbeiderne i Jøtul som hver dag bidrar til Jøtuls fortsatte suksess.» For mer informasjon, vennligst kontakt:Arbeidende styreleder i Jøtul, Erik Øyno erik@ Om Jøtul: Jøtul er en av verdens eldste produsenter av ovner, peisinnsatser og peiser. Med stolte norske røtter kombinerer Jøtul håndverk av høy kvalitet med kunsten å skape varme – i 170 år. Jøtul har hovedkontor i Fredrikstad, Norge, og omfatter fem sterke merkevarer – Jøtul, Scan, Ild, Ravelli og Atra – og selger med stolthet til 45 land over hele verden. Attachment Press release - New board of directors elected for Jøtul (10 June 2025)Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
20 hours ago
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Germany's SEFE to enter 10-year gas deal with Azerbaijan's Socar
-- State-owned German trading company, SEFE, is set to announce a 10-year agreement to purchase gas from Socar, the state-owned company in Azerbaijan, according to a Bloomberg report on Monday. This agreement allows SEFE to procure up to 15 terawatt-hours of gas annually, equivalent to approximately 1.5 billion cubic meters per year. The report indicated that the gas is expected to be transported to Europe via the Trans Adriatic Pipeline (TAP). This pipeline traverses Northern Greece, Albania, and the Adriatic Sea before reaching the southern shores of Italy. SEFE, an acronym for Securing Energy for Europe, has been proactive in securing new supply contracts. The region has become more reliant on global supplies since the majority of its Russian pipeline gas was lost in 2022. Despite Norwegian production operating at nearly full capacity, Europe continues to require additional supplies while it awaits the commencement of more liquefied natural gas export facilities in the US. Related articles Germany's SEFE to enter 10-year gas deal with Azerbaijan's Socar Crude futures sink on Saudi push for OPEC+ supply hikes Trump's aluminium tariff rise threatens Indian industry, Vedanta warns Sign in to access your portfolio
Business Insider
2 days ago
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Kepler Capital Remains a Buy on Norsk Hydro Asa (0Q11)
In a report released on June 5, Martin Granviken from Kepler Capital maintained a Buy rating on Norsk Hydro Asa (0Q11 – Research Report), with a price target of NOK64.00. The company's shares closed last Friday at NOK54.42. Confident Investing Starts Here: Easily unpack a company's performance with TipRanks' new KPI Data for smart investment decisions Receive undervalued, market resilient stocks right to your inbox with TipRanks' Smart Value Newsletter According to TipRanks, Granviken is ranked #7837 out of 9593 analysts. In addition to Kepler Capital , Norsk Hydro Asa also received a Buy from RBC Capital's Marina Calero in a report issued on June 4. However, on the same day, Nordea Markets downgraded Norsk Hydro Asa (LSE: 0Q11) to a Sell. The company has a one-year high of NOK76.14 and a one-year low of NOK49.56. Currently, Norsk Hydro Asa has an average volume of 30.74K.
