(Bloomberg) -- Norsk Hydro ASA will halt funding for its battery and green hydrogen businesses and phase them out over time due to challenging market conditions.

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Hydro — a major producer of hydropower and aluminum — has been building a battery business since 2017, investing in firms involved in battery recycling, lithium production, and other raw materials. It also held a minor stake in Northvolt, which filed for bankruptcy protection last week.

“Battery materials and green hydrogen will no longer be strategic growth areas for Hydro,” the company said on Tuesday.

The business units will be phased out over time, but it will continue to support its Hydrovolt battery recycling operation, it said. The company was set up as a joint venture with Northvolt in 2020.

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