The new long-term power agreement will help ensure continued industrial operations, support local employment, and strengthen sustainable production at Elkem’s Bjølvefossen plant in Norway. The facility employs around 150 people and is one of the world’s largest producers of foundry alloys, with an annual production capacity of 60,000 metric tons.
The plant’s products are supplied mainly to customers across Europe and Asia and play an important role in industries such as automotive, construction, renewable energy, and defense. The facility is also recognized for its low-carbon production process, with its products being manufactured with a carbon footprint that is roughly one-third of the global industry average.
Commenting on the agreement, Inge Grubben-Strømnes, Senior Vice President of Foundry Alloys at Elkem, said that access to long-term and competitively priced power is essential for maintaining industrial production and safeguarding jobs in Norway. He noted that the agreement with Statkraft enhances the competitiveness of the Bjølvefossen plant and highlights the strong connection between energy availability and industrial growth.
The agreement will also enable Elkem to continue supplying strategic materials to European industries while contributing to the European Union’s industrial security during a period of geopolitical uncertainty.Statkraft also emphasized the importance of long-term power agreements for supporting industry and local economies.
Hallvard Granheim, Executive Vice President of Markets at Statkraft, said such contracts provide stability for industrial companies, helping to protect jobs and create long-term value at a time when businesses are facing increased market volatility and uncertainty.
Elkem already maintains a strong portfolio of long-term power contracts in Norway, securing a significant portion of its annual electricity consumption of 3.5 TWh at competitive rates. The new agreement further improves predictability for the company’s operations and strengthens its ability to plan future investments with greater confidence.
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