Innovation Norway has extended a NOK 1.5 billion loan facility to Morrow Batteries ASA to support the company’s scaling and development of battery manufacturing within Norway. This financing aligns with the government’s battery strategy and provides Morrow with essential liquidity to advance its business objectives.
Morrow is prioritizing the launch of its first 1 GWh lithium iron phosphate (LFP) battery factory, scheduled for the second quarter of 2025. The company also focuses on securing additional offtake agreements and advancing its proprietary battery chemistry technology.
Lars Christian Bacher, CEO of Morrow Batteries, commented: “In the current capital market, with many green initiatives facing strong headwinds, I see this loan facility as validation of Morrow’s business plan and step-by-step industrial approach. It enables us to start giga-scale production of batteries in Arendal, playing a crucial role in the development of a Norwegian battery value chain.”
Source: Battery News
