---
title: "Northvolt recycling assets: Hydrovolt, Refinyx and the separate Revolt plant"
language: en
canonical: https://dossiertwist.com/dossiers/northvolt/recycling-assets/
as_of: 2026-10-13
keywords: ["Northvolt","Northvolt AB","Northvolt Ett","battery manufacturing","bankruptcy","Lyten","public funding","Sweden","Germany","Quebec"]
---

# Northvolt recycling assets: Hydrovolt, Refinyx and the separate Revolt plant

**Question.** How did recycling operations and technology move to different owners?

**Answer.** The Hydrovolt stake, Refinyx technology portfolio and proposed Revolt site purchase concern distinct businesses and asset packages.

## Hydrovolt ownership moved beyond the old joint-venture table

- Analysis: Hydro’s January 2025 announcement described an agreement to buy Northvolt’s remaining Hydrovolt interest for NOK78 million, taking Hydro from 72% to 100%. It said Hydro had financed operations alone since the second half of 2024. The announcement still required conditions and court approval; a later retained ownership directory lists Hydro Energi Invest as the sole shareholder. Together these records support later Hydro-group ownership without supplying the exact closing day or proving direct ownership by Norsk Hydro ASA itself. [s-d151] [s-d188]
- Documented: Hydro announced in January 2025 an agreement to acquire Northvolt’s remaining Hydrovolt shares for NOK 78 million, moving its interest from 72% to 100%. It said it had financed Hydrovolt alone since the second half of 2024. A later retained ownership-directory record lists Hydro Energi Invest AS as owner of 100% of Hydrovolt. [s-d151] [s-d188]
  - Qualification: The January agreement was conditional and expected first-quarter closing. The later directory corroborates full Hydro-group ownership without independently establishing the precise closing day or a direct holding by Norsk Hydro ASA itself.

## Refinyx acquired technology and a pilot facility

- Analysis: Refinyx’s September 2026 launch statement described acquisition of 134 patents and a 1,200-square-metre Västerås pilot and laboratory facility formerly owned by Northvolt. It identified Qarlbo Energy as a financial backer and Mahmood Alemrajabi and Ramiar Vaziri as co-founders who developed the technology at Revolt. This is a technology-and-services business, and its technical performance and customer statements remain attributed to the company. [s-d268]
- Documented: On 25 September 2026, Refinyx announced that it had acquired a 134-patent technology portfolio and a 1,200-square-metre materials pilot and laboratory facility in Västerås formerly owned by Northvolt. It described backing from Qarlbo Energy and co-founders Mahmood Alemrajabi and Ramiar Vaziri as developers of the technology during eight years at Revolt. [s-d268]
  - Qualification: Claims about process performance, customers and future scale are the company’s statements. Qarlbo’s investment in Refinyx does not itself establish that Qarlbo bought Northvolt shares or its assets directly.
- Analysis: A financing connection to Refinyx does not establish that Qarlbo acquired Northvolt shares or directly bought the old group’s assets. Similarly, an acquisition of technology and a pilot laboratory is not the same transaction as the proposed industrial recycling-plant purchase described on the Lyten page. [s-d226]
- Documented: On 13 March 2026 Lyten announced a binding agreement to acquire the Revolt recycling site and technology licences. It described 8,500 tonnes of installed annual recycling capacity, undisclosed financial terms and a transaction funded by Lyten equity. [s-d226]
  - Qualification: The announcement expected closing in the second quarter and said legal and regulatory processes remained. A later completion is not established by this announcement.

## The new venture’s stated backing

- Analysis: Refinyx’s statement additionally identifies Dhruv Malhotra as co-founder and chief business officer and says Qarlbo Energy will take an active ownership role. It describes Qarlbo Energy’s upstream owners as Qarlbo and FAM-owned Thisbe, without percentages. Those are attributed links in the new venture’s backing; they do not make every upstream participant a direct purchaser of Northvolt shares or assets. [s-d268]
- Attributed: Refinyx’s September 2026 statement says Qarlbo Energy will take an active ownership role. It describes Qarlbo Energy as owned by Qarlbo and FAM-owned Thisbe, and identifies Dhruv Malhotra as Refinyx’s chief business officer and co-founder. [s-d268]
  - Qualification: This corporate description gives no ownership percentages. It describes Refinyx’s backing and intended investor role, not a direct acquisition of Northvolt shares by all of those upstream participants.

## Sources

- [s-d151] Company statement source · s-d151
- [s-d188] Other source · s-d188
- [s-d268] Company statement source · s-d268
- [s-d226] Company statement source · s-d226