Norwegian start-up raises €100m for gigafactory
Norwegian battery start-up Morrow Batteries has secured €100 million in an investment round led by Siemens Financial Services and ABB.
Morrow plans to operate the first phase battery cell factory in Arendal, south Norway, in 2023. This will be the first commercial battery cell production facility in Norway. The company says that from day one it will be fuelled by renewable energy and manufacture some of the most sustainable batteries in the world.
The first phase of the factory will have the capacity to manufacture more than 1 GWh battery cells per year. When all phases of development are completed in 2028, the Morrow Gigafactory in Arendal will have an annual production capacity of 43GWh battery cells.
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The company has completed a €100 million capital raise with Siemens Financial Services, ABB, Nysnø Climate Investments and Arendals Fossekompani.
“Bringing in long term, solid and competent capital from some of the leading industrial companies in Europe with a global reach will be of great value on our path to manufacture the most sustainable and cost-effective batteries. Together with the backing from the Norwegian state-owned Nysnø Climate Investments, this brings us into the top tier of battery manufacturers in Europe,” said CEO of Morrow, Terje Andersen.
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Morrow, founded in 2020, has the ambition to become the world's greenest battery producer, with a negative carbon footprint.
”With our development program of more sustainable batteries, and the steep increase in global demand for batteries, we are perfectly positioned to deliver profitable and sustainable jobs that we need to make the Norwegian, European, and global economy greener,” concluded CEO Terje Andersen of Morrow Batteries.
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