Norway Backs Battery Start-Up Morrow with $134 Million Loan
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The Norwegian government, through Innovation Norway, has granted Morrow Batteries a 1.5 billion crown ($134 million) loan facility, Reuters reports. This significant investment aims to support Morrow's expansion and bolster Norway's burgeoning battery cell production sector.
Morrow, established in 2020, is at the forefront of Norway's efforts to become a major player in the battery industry. The company launched the Nordic region's first battery cell plant in August and has outlined plans for phased production growth.
"The loan facility will be available for Morrow to fund the scale-up and development of battery manufacturing in Norway," Innovation Norway stated in a press release.
Norway's strategic ambition is to establish itself as a key supplier of batteries within Europe, leveraging its abundant renewable energy resources and proximity to key markets. This move is further solidified by Innovation Norway's assertion that the loan facility aligns with the government's broader battery strategy.
Morrow's Arendal facility, southern Norway, is currently Europe's first gigawatt LFP (lithium iron phosphate) factory. The company is initially focused on deploying existing LFP technology, with plans to develop its own proprietary battery chemistry.
"Morrow's main priority is starting up the first 1 GWh LFP battery factory in the second quarter of 2025, working to secure more offtake, and developing the company's proprietary battery chemistry," Innovation Norway noted.
Morrow has already secured a significant seven-year delivery agreement for 5.5 gigawatt hours (GWh) with Nordic Batteries, a company specializing in customized storage solutions.
Morrow has attracted investment from several notable entities, including utility A Energi, engineering firms ABB and Siemens, Danish pension funds PKA, and Norwegian state-owned green investment firm Nysnoe.