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Corporation
INDUSTRIALS | Basic Materials / Metals
hydro.com

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Investments

12

Portfolio Exits

5

Partners & Customers

10

About Hydro

Hydro is an aluminum company. In addition to the production of primary aluminum, rolled and extruded products, and recycling, Hydro also extracts bauxite, refines alumina, and generates energy.

Hydro Headquarters Location

Drammensveien 264

Oslo, 0283,

Norway

+47 22 53 81 00

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CB Insights Intelligence Analysts have mentioned Hydro in 1 CB Insights research brief, most recently on Apr 11, 2022.

Latest Hydro News

Hydro to cease primary aluminum production in Slovakia

Aug 17, 2022

Hydro to cease primary aluminum production in Slovakia The Slovalco aluminum facility will stop primary aluminum production by the end of September 2022. August 17, 2022 Hydro, which owns a majority stake in Slovalco, a primary aluminum smelter in Žiar nad Hronom, Slovakia, says it will terminate production at the site in response to adverse framework conditions and high electricity prices. However, the casthouse in Slovalco will continue its recycling operation, serving customers in the region with 75,000 metric tons of recycled aluminum annually. Producing new aluminum from recycled material requires 95 percent less energy than primary aluminum production. Slovalco is owned 55.3 percent by Hydro and 44.7 percent by Penta Investments Group. “Slovalco is a well-run and modern primary aluminum plant, well-placed to serve European customers with high quality aluminum products,” says Ola Sæter, head of Hydro’s primary production and chair of Slovalco’s board of directors. “I regret that it has not been possible to secure continued operation of the primary production at the plant.” He adds that Slovakia has not implemented the competitive EU CO2 compensation framework, preventing Slovalco from entering long-term power contracts. The plant’s current contract expires at the end of this year. “Due to the current Slovak framework conditions and the European power prices, Slovalco would incur substantial financial losses if it continued its operation beyond 2022,” Sæter adds. Slovalco curtailed 40 percent, or 65,000 metric tons, of its annual primary production capacity in late 2021 and early 2022 and continues to run at 60 percent of its capacity. The primary production lines at Slovalco will be mothballed and could resume operations at a later stage if the market and framework conditions allow, according to the company. The closure process will begin shortly and be completed no later than the end of September. Correspondingly, Slovalco has decided to unwind remaining hedge positions for power, metal and raw materials, Hydro  says. This will result in a total positive effect on adjusted earnings before interest, taxes depreciation and amortization, or EBITDA, of around 1.6 billion Norwegian kroner ($164.7 million) in the second half of 2022, the company adds. The decision to close primary production will affect 300 of Slovalco’s full-time employees. Cronimet Holding GmbH, as part of its first groupwide sustainability report, says its business units helped recycle some 1.57 million metric tons of stainless steel in 2021. “We ensure that metal raw materials are preserved through recycling and returned to the cycle,” the Germany-based company says in the introduction of its 2021 sustainability report. “To achieve this we use cutting-edge technology, modern IT and our global network.” Cronimet says it “follows the internationally recognized standard of the Global Reporting Initiative (GRI)” when measuring its sustainability metrics. “With standard-compliant reporting, we want to report comprehensively and transparently on our sustainability commitment in all dimensions,” says Bernhard Kunsmann, chief financial officer of Cronimet Holding GmbH. The company says it intends “to reduce directly caused CO2 emissions across the Group by 2030 and become CO2 neutral in Scope 1 and 2, as well as achieve the Net Zero standard of the Science Based Targets initiative (SBTi) by 2050.” Kunsmann says, “This is a very ambitious goal that we are pursuing with vigor and strategy because we are convinced that, as a company in the circular economy, we can also make our contribution here.” “We embody sustainability in our business model and in the way we see ourselves,” says majority shareholder and CEO Jürgen Pilarsky. “But, it is not enough for us, as the world market leader in stainless steel recycling, to make a significant contribution to resource efficiency by returning valuable raw materials to the materials cycle. We want to go beyond this and make our corporate practices even more sustainable at every point: for the environment, our employees, our company and for society.” The company's report also refers to safety and community service activities undertaken by Cronimet around the world. Australia-based Sims Ltd. says in its 2022 fiscal year, which ended June 30, the company saw its sales revenue rise by more than 56 percent compared with the previous year while its underlying earnings per share (EPS) rose by 104.5 percent. “Fiscal year 2022 was a very strong year,” CEO and Managing Director Alistair Field says. “I am proud that we delivered the strongest underlying EBIT [earnings before interest and taxes] result on record and significant trading margin and volume increases and significant trading margin and volume increases.” He continues, “We made significant progress on our business strategy: successfully completed several strategic acquisitions, continued to deploy enhancement technologies in ferrous and nonferrous and opened new feeder yards in the metal business. In Sims Lifecycle Services (SLS) , we launched new service offerings and invested in engineering and technology to continue driving innovation and build capacity to scale up operations quickly when the supply chain challenges ease.” In a news release announcing its earnings, Sims executives point to what they call “improved safety metrics” and “strong progress” toward sustainability goals in the recently completed fiscal year. On the operations side, the company points to its acquisitions of Pennsylvania-based Alumisource and Maryland-based Atlantic Recycling Group as new volume contributors going forward. In Australia, Sims is undertaking a deep-water port facility project in Brisbane it says will include “best-in-class design for shredder processing.” In the U.S., Sims also points to its partnership with California-based SA Recycling as contributing to “record EBIT growth with significant trading margin expansion and sales volume growth.” Referring to shredded metal markets, the company adds, “Margins were further enhanced by higher zorba selling prices.” It also points to SA Recycling’s acquisition activity, saying it has “continued to create value through successful M&A integration.” In its SLS business unit, the company says a recent global market share study showed SLS is now at 3.2 percent market share, more than doubling from its 1.5 percent status in 2019. Looking at fiscal year 2023, now underway, Sims Ltd. says in its presentation, “Softer economic conditions have impacted our markets in the short term.” The company adds, “We remain very confident in the medium and long-term fundamentals of the business.” In the ferrous market, Sims writes, “Ferrous prices peaked at around US$700 per metric ton in March 2022, but have subsequently fallen  to trade between US$320 to US$400 per metric ton at the start of fiscal year 2023.” Regarding the next 12 months, the company's executives conclude, “Fiscal year 2023 results will depend on how quickly and to what magnitude, global markets recover from the interest rate hike-induced slowdown.” The Board of Directors of Mt. Diablo Resource Recovery, a Garaventa family company, has announced that Kish Rajan will succeed Ronald J. Proto as CEO at the end of 2022. Kish has served as the Concord, California-based company’s chief administrative officer since 2019. Prior to that, his career spanned several roles in business and government, including service as director of Gov. Jerry Brown’s office of Business and Economic Development, a term on the Walnut Creek City Council and over a decade in mobile technology business development. “Ron has been a terrific CEO,” says Silvio Garaventa Jr., vice chairman of Mt. Diablo Resource Recovery’s board of directors. “We appreciate his commitment to our company and our family. He will continue as a consultant after his CEO term ends on December 31, 2022 … Kish’s proven success in business, technology and state policy makes him an excellent choice to continue MDRR’s leadership in our industry. We are very excited about the future. Kish’s term as CEO will begin January 1, 2023.” With a focus on forward-thinking and innovation, Mt. Diablo Resource Recovery has been among the companies leading the march toward meeting California’s waste reduction, sustainability and climate goals . “I am proud to lead MDRR and all that it stands for,” Proto says. “We continue to build upon our very strong foundation, and I look forward to continuing to work with Kish as the company strives for even greater success ahead.”   Mt. Diablo Resource Recovery has been a family-owned and operated company since the 1930s. Deeply rooted in the community, the Garaventa family understands the importance of thought leadership and forward-thinking. Louisa Garaventa Binswanger, a board of directors member, says both Proto and Rajan share the board’s values. “The Garaventa family first and foremost cares about the communities and people we serve,” she says. “Ron continued this tradition as our CEO during the past four years. I would personally wish to recognize his exemplary leadership. We are prepared for an orderly transition as Kish has demonstrated his commitment to the communities we serve and his ability to lead our family business in the future years.” The American Forest & Paper Association (AF&PA), Washington, has released its July 2022 printing-writing paper monthly report which reveals total printing-writing paper shipments decreased 1 percent in July compared with the same month last year. However, both U.S. purchases of total printing-writing papers and total printing-writing paper inventory levels increased. U.S. purchases are up 3 percent compared with July 2021 while total inventory levels are up 2 percent compared with last month. According to the June 2022 printing-writing paper report , both U.S. purchases and total inventory levels had decreased when compared with June 2021 and May 2022 numbers, respectively. The report also says: Uncoated free sheet (UFS) paper shipments decreased 1 percent compared with July 2021, but UFS inventory levels increased 5 percent, imports increased 8 percent and exports decreased 25 percent from June 2022. U.S. purchases of coated free sheet (CFS) papers in July increased 2 percent compared with last year while inventory levels decreased 1 percent compared with June numbers. AF&PA says CFS imports and exports both increased compared with June 2021, up 32 percent and 6 percent, respectively. Coated mechanical (CM) paper shipments decreased 18 percent compared with July 2021. CM inventory levels increased 2 percent and imports increased 48 percent in June, while exports decreased 41 percent that same month. U.S. purchases of uncoated mechanical (UM) papers in July increased 16 percent compared with last year. UM inventory levels decreased 13 percent compared with June 2022, imports increased 9 percent and exports decreased 10 percent.

Hydro Investments

12 Investments

Hydro has made 12 investments. Their latest investment was in Corvus Energy as part of their Corporate Minority on November 11, 2017.

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Hydro Investments Activity

investments chart

Date

Round

Company

Amount

New?

Co-Investors

Sources

11/29/2017

Corporate Minority

Corvus Energy

Yes

2

3/12/2009

Unattributed

NorSun

$72.3M

Yes

4/18/2007

Unattributed VC

Superprotonic

Yes

3/6/2006

Unattributed VC - III

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$99M

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0

10/18/2004

Unattributed VC

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$99M

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0

Date

11/29/2017

3/12/2009

4/18/2007

3/6/2006

10/18/2004

Round

Corporate Minority

Unattributed

Unattributed VC

Unattributed VC - III

Unattributed VC

Company

Corvus Energy

NorSun

Superprotonic

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Amount

$72.3M

$99M

$99M

New?

Yes

Yes

Yes

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Co-Investors

Sources

2

0

0

Hydro Portfolio Exits

5 Portfolio Exits

Hydro has 5 portfolio exits. Their latest portfolio exit was Norsk Hydro - India Business of Aluminium Extrusions on December 17, 2021.

Date

Exit

Companies

Valuation
Valuations are submitted by companies, mined from state filings or news, provided by VentureSource, or based on a comparables valuation model.

Acquirer

Sources

12/17/2021

Divestiture

Norsk Hydro - India Business of Aluminium Extrusions

$99M

4

12/17/2021

Divestiture

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$99M

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10

7/8/2021

Divestiture

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$99M

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10

3/5/2021

Divestiture

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$99M

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10

4/9/2007

IPO

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$99M

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0

Date

12/17/2021

12/17/2021

7/8/2021

3/5/2021

4/9/2007

Exit

Divestiture

Divestiture

Divestiture

Divestiture

IPO

Companies

Norsk Hydro - India Business of Aluminium Extrusions

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Valuation

$99M

$99M

$99M

$99M

$99M

Acquirer

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Sources

4

10

10

10

0

Hydro Acquisitions

3 Acquisitions

Hydro acquired 3 companies. Their latest acquisition was Alumetal on April 29, 2022.

Date

Investment Stage

Companies

Valuation
Valuations are submitted by companies, mined from state filings or news, provided by VentureSource, or based on a comparables valuation model.

Total Funding

Note

Sources

4/29/2022

$99M

Acq - Pending

1

7/10/2017

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$99M

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10

12/22/2005

Other Venture Capital

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$99M

$99M

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0

Date

4/29/2022

7/10/2017

12/22/2005

Investment Stage

Other Venture Capital

Companies

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Valuation

$99M

$99M

$99M

Total Funding

$99M

Note

Acq - Pending

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Sources

1

10

0

Hydro Partners & Customers

10 Partners and customers

Hydro has 10 strategic partners and customers. Hydro recently partnered with I-care Group on July 7, 2022.

Date

Type

Business Partner

Country

News Snippet

Sources

7/20/2022

Vendor

Belgium

Author:I-care Group. News: I-care Group signs contract with Hydro Extrusion North America to implement asset health monitoring technology

News : I-care Group signs contract with Hydro to implement asset health monitoring technology .

3

6/7/2022

Partner

United States

1

6/1/2022

Partner

United Kingdom

1

5/5/2022

Client

Norway

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10

5/2/2022

Partner

United States

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10

Date

7/20/2022

6/7/2022

6/1/2022

5/5/2022

5/2/2022

Type

Vendor

Partner

Partner

Client

Partner

Business Partner

Country

Belgium

United States

United Kingdom

Norway

United States

News Snippet

Author:I-care Group. News: I-care Group signs contract with Hydro Extrusion North America to implement asset health monitoring technology

News : I-care Group signs contract with Hydro to implement asset health monitoring technology .

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Sources

3

1

1

10

10

Hydro Team

9 Team Members

Hydro has 9 team members, including former President, Chief Financial Officer, Executive Vice President, Senior Vice President, Kjetil M Ebbesberg.

Name

Work History

Title

Status

Kjetil M Ebbesberg

Coop Norway

President, Chief Financial Officer, Executive Vice President, Senior Vice President

Former

Emanuele Mascetti

Chief Financial Officer

Former

Einar Glomnes

Executive Vice President

Former

Tom Jensen

SYSTEMIQ, Joule Unlimited, and Agrinos

Senior Vice President

Former

Einar G S Kilde

Senior Vice President

Former

Name

Kjetil M Ebbesberg

Emanuele Mascetti

Einar Glomnes

Tom Jensen

Einar G S Kilde

Work History

Coop Norway

SYSTEMIQ, Joule Unlimited, and Agrinos

Title

President, Chief Financial Officer, Executive Vice President, Senior Vice President

Chief Financial Officer

Executive Vice President

Senior Vice President

Senior Vice President

Status

Former

Former

Former

Former

Former

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