Norwegian investment company Valinor said it established Elinor Batteries, which will build a Gigafactory in Orkland, mid-Norway.
It said construction of the first phase of the Elinor Batteries plant will commence next year, with the first production set in Q2, 2026.
Valinor said Elinor Batteries is a direct response to the Norwegian government’s strategy for developing a complete value chain for battery production in Norway, published last summer.
Elinor Batteries’ products will be based on LFP technology and will not depend on nickel and cobalt, the company said.
The factory will be developed in modules, which Valinor said limits financial and technological risks. When at full capacity, Elinor will be able to produce about 40GWh.
The first module can start production as early as 2026, with estimated investments of about €1 billion. Three modules are planned towards 2030, and Valinor has funded the project’s initial phase. A funding round will take place later in 2023.
Elinor is initially targeting the market for stationary storage of electric energy for buildings, industry and charging stations for electric transport and marine applications.
It has hired Terje Andersen as CEO. It said he brings valuable experience from his former position as head of Morrow Batteries, also located in Norway.
Andersen said mid-Norway has vast access to Europe’s cheapest renewable power. In addition, the tech capital of Trondheim is 30 minutes away, providing access to leading R&D resources and a substantial labour market.
The factory will be the first plant on 6-square-kilometre industrial site Eiktyr, which Elinor said will be the largest of its kind in Norway.
MoU with SINTEF
Elinor Batteries signed a Memorandum of Understanding last week with independent research organisation SINTEF, on strategic cooperation to create sustainable and competitive battery production in Central Norway.
SINTEF will open a battery lab almost at the same time as the launch of Elinor’s plans for a battery factory.
The agreement covers technological aspects in the entire value chain for battery production, including production technology, infrastructure, management, economics and societal elements.
Alexandra Bech Gjørv, CEO of SINTEF, said: “The global battery competition is knowledge-intensive. A Norwegian battery factory must be the best in terms of sustainability in the entire value chain and a knowledge leader in electrochemistry, materials technology and mass production to succeed.
“We have invested considerably in having world-leading laboratories for battery production. We look forward to working with Elinor to reach their industrial goals.”
Photo of Terje Andersen. Credit Geir Morgen
