Morrow Batteries reveals investment boost to 'fully finance' next phase of Norway gigafactory project
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Morrow reiterated that battery cells production is on track to start in the fourth quarter of 2024.
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Norwegian battery developer Morrow Batteries today announced a private placement of NOK 230m (£19m) to finance the next steps toward its launch of a battery cells gigafactory in the country – including detailed engineering of a pilot cell factory in Arendal, Southern Norway.
Morrow said the investment round, led by Danish pension fund PKA, would also finance product development and prototyping of lithium nickel manganese oxide (LNMO) cells, construction of an innovation centre in the nearby Grimstad municipality and "accelerate” development of partnerships with future customers.
Following the private placement, Morrow said it is now valued at NOK 1.5bn. Existing shareholders NOAH and Agder Energi Venture supported the placement with additional capital, along with NOK 10m from the Arendal municipality.
Morrow revealed at the start of this year it had signed a letter of intent with Danish chemical company, Haldor Topsoe, to develop cobalt-free LNMO cells at its pilot facility.
And the battery developer today reiterated that battery cells production is on track to start in the fourth quarter of 2024 – with its facility on the country’s so-called ‘battery coast’, in Agder county, having an annual production capacity of 42 GWh once fully operational.
CEO Terje Andersen said: "The interest from the market is solid, and we have now fully financed our next development step.”
"The factory will be able to supply batteries for more than 700,000 electric vehicles annually, and with our unique mix of technology, low costs, access to renewable energy, and a short distance to Europe, we will become a leading battery producer in the coming decades,” Andersen said.
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Morrow said the investment round, led by Danish pension fund PKA, would also finance product development and prototyping of lithium nickel manganese oxide (LNMO) cells, construction of an innovation centre in the nearby Grimstad municipality and "accelerate” development of partnerships with future customers.
Following the private placement, Morrow said it is now valued at NOK 1.5bn. Existing shareholders NOAH and Agder Energi Venture supported the placement with additional capital, along with NOK 10m from the Arendal municipality.
Morrow revealed at the start of this year it had signed a letter of intent with Danish chemical company, Haldor Topsoe, to develop cobalt-free LNMO cells at its pilot facility.
'Technology mix'
And the battery developer today reiterated that battery cells production is on track to start in the fourth quarter of 2024 – with its facility on the country’s so-called ‘battery coast’, in Agder county, having an annual production capacity of 42 GWh once fully operational.
CEO Terje Andersen said: "The interest from the market is solid, and we have now fully financed our next development step.”
"The factory will be able to supply batteries for more than 700,000 electric vehicles annually, and with our unique mix of technology, low costs, access to renewable energy, and a short distance to Europe, we will become a leading battery producer in the coming decades,” Andersen said.
Related articles in our archive: