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Vianode Seeks Partner Amidst EV Battery Race
30 Sep
Summary
- Vianode hired J.P. Morgan to find a partner for expansion.
- A new plant in Ontario is slated for production starting 2029.
- Europe lacks incentives for domestic battery supply chain development.
Norwegian synthetic graphite producer Vianode is actively seeking a strategic partner to support its expansion. The company has enlisted J.P. Morgan to help identify an investor capable of providing capital, industrial expertise, or a broader strategic relationship. Vianode is open to various outcomes, including a partnership or a full takeover.
The battery ecosystem faces financial headwinds, with Vianode requiring backing to complete its synthetic graphite plant in Ontario. This facility is expected to commence production in 2029, supplying material for approximately two million electric vehicles annually. Meanwhile, Vianode operates a plant in Norway with a capacity sufficient for about 35,000 EVs.
CEO Burkhard Straube noted that Europe lacks the necessary incentives and regulatory support compared to North America's push for domestic battery supply chains. Vianode shifted its expansion focus to North America in 2023 due to these conditions. The company aims to secure a partner by the end of 2026, considering both industrial and financial investors.
