Norwegian synthetic graphite producer Vianode needs a partner to complete a Canadian plant designed to supply anode material for roughly 2 million electric vehicles a year — and it wants a deal done by the end of this year.

Chief executive Burkhard Straube told Reuters the company is open to arrangements ranging from a partnership to a full takeover, with either industrial or financial investors. Vianode has hired JP Morgan to run the process.

The partner could bring capital, industrial expertise, or a wider strategic relationship, Straube said. He added that Vianode requires a partner with aligned strategic ambitions, alongside the financial capability and capacity to support the company.

The funding gap behind the search

The search follows a period of narrowing financial backing. Swedish private equity firm Altor has been Vianode's only financial backer since 2024, when Norsk Hydro said it would sell its stake and stop further funding.

Vianode is constructing a synthetic graphite plant in Ontario, Canada. The facility could supply material for about 2 million EVs a year — a scale that would make it a significant Western source of battery anode material — but the company has confirmed it needs further funding to complete the project. Production is planned to start in 2029.

The company's existing operation is far smaller. Its Norwegian plant, operational since 2024, is expected to produce 2,000 tonnes of synthetic graphite annually — enough material for around 35,000 EVs.

GM anchor, cooling demand

Vianode's customer base includes General Motors as well as clients in energy storage and defence. In January 2025, GM signed a multibillion-dollar agreement for Vianode to supply synthetic graphite anode materials for EV batteries — the anchor deal underpinning the Ontario build-out.

That commitment sits against a softer demand backdrop. GM, Nissan, and Stellantis have reduced their EV ambitions as demand has cooled and US President Donald Trump has rolled back EV support.

Western companies are nonetheless seeking to reduce dependence on China. According to GlobalData, Just Auto's parent, China dominates battery cell production and key raw-material refining, creating supply-chain, cost, and strategic risks. GlobalData identifies the US, Australia, Vietnam, Canada, India, Mexico, and Poland as emerging alternatives through rare-earth sourcing, lithium extraction, localised EV components, battery-material manufacturing, and China-plus-one supply-chain strategies.

Vianode's Ontario project is a direct bet on that shift. Whether it reaches its 2029 start date now depends on how quickly JP Morgan can land a partner.

What to watch: the timing and identity of any deal — Straube aims to secure a partner as soon as the end of this year — and whether the arrangement takes the form of a partnership, a majority sale, or a full takeover.