Vianode Opens Door to Partnership or Full Takeover as Expansion Costs Bite

Norwegian synthetic graphite producer Vianode is putting itself on the market for outside backing, with CEO Burkhard Straube confirming the company is weighing options that stretch from a strategic partnership all the way to a complete sale. Straube told Reuters that Vianode has reached the point where it can no longer fund its next growth phase alone and needs a partner bringing capital, industrial know-how, or both.

The company started making synthetic anode graphite in 2021 from a pilot line in Kristiansand and brought its first full-scale plant, Via One, online at Herøya in 2024. A second facility, Via Two, is under construction in St. Thomas, Ontario, close to Volkswagen-owned PowerCo’s operations — though General Motors, not Volkswagen, is expected to serve as the anchor customer there. Output from the Canadian site is not expected before 2029, a later timeline than Vianode originally envisioned.

Altor, the Swedish private equity house, has been Vianode’s lone backer since 2024, when Norsk Hydro exited its shareholding. JP Morgan has been brought in to run the search, and Vianode is aiming to have a partner in place before the year is out. Altor’s Andreas Hamrin called the company an appealing target for the right buyer, pointing to its proven technology and commercial track record.

Context matters here: Vianode is one of a small number of synthetic graphite makers operating outside Asia, while China accounts for roughly 95 percent of global battery-grade graphite supply. Once fully ramped, the Herøya plant is expected to turn out about 2,000 tonnes of anode material a year — enough to equip roughly 35,000 electric vehicles. Vianode had already redirected its expansion toward North America back in 2023, drawn by the stronger incentives and regulatory support available at the time.