Norway’s Morrow Batteries said it received a loan of Nkr1.5 billion ($130 million) from government agency Innovation Norway for scaling up and developing its LFP battery manufacturing in Norway.
Morrow said its main priority is starting up the first 1GWh LFP battery factory in the second quarter of 2025, working to secure more offtake and developing its proprietary battery chemistry.
Morrow Batteries CEO Lars Christian Bacher said: “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.”
The company has over 30 battery chemistry collaborations with research institutions and an offtake agreement with Nordic Batteries.
