Morrow Batteries has announced €100 million ($107 million) investment round to finance the 1GWh first phase of the company’s lithium-ion gigafactory in Arendal, Norway.
The investment round was led by Siemens Financial Services and ABB and included Nysnø Climate Investments and Arendals Fossekompani.
Shareholders, the Danish pension fund PKA, NOAH AS and Agder Energi Invest also participated.
The first phase of the factory will have the capacity to manufacture more than 1GWh cells per year and is planned to be operational by 2023.
When all planned phases of development are completed in 2028, the gigafactory will have an annual production capacity of 43GWh.
CEO of Morrow, Terje Andersen, said bringing in long term-capital would be of great value on its path to manufacture batteries.
He said: “Together with the backing from the Norwegian state owned Nysnø Climate Investments, this brings us into the top tier of battery manufacturers in Europe.”
Morrow hopes the backing from industrial owners will strengthen its relation to important suppliers and future customers.
