Norsk Hydro ASA has recently announced that it will no longer provide financial support for its battery and green hydrogen initiatives due to challenging market conditions.

The company has been actively involved in the development of its battery business since 2017, investing in various areas such as battery recycling and lithium production.

This decision comes after Northvolt, a company in which Norsk Hydro had a minor stake, filed for bankruptcy protection last week.

As a result, Norsk Hydro is undergoing a significant strategic shift as it gradually withdraws from its participation in these emerging energy sectors.