Morrow has raised 100 million euros in new capital, which will go to the first construction stage at the company’s battery factory in Arendal, it was announced on Sunday. This is equivalent to approximately one billion kroner.
WITH: Nysnø Klimainvesteringer and investment director Joe Eliston (left), here with board chairman Håkon Tanem in Morrow. Photo: Nysnø Klimainvesteringer
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Siemens Financial Services, ABB, Nysnø Klimainvesteringer and Arendals Fossekompani all come in as new investors.
In addition, existing investors such as Danish PKA, NOAH and Agder Energi Invest have contributed fresh funds.
NOAH is owned by Bjørn Rune Gjelstens Gjelsten Holding, and owned 36 percent of the shares in Morrow Batteries before the issue. Agder Energi Invest was listed with just over 35 percent.
– Up in the top layer
– Bringing in long-term, solid and competent investors from some of the leading industrial companies in Europe with global reach, is of great value to us in the work of producing the most sustainable and cost-effective batteries. The new investors, such as the state-owned Nysnø Klimainvesteringer, move us up to the top tier among battery companies in Europe, says CEO of Morrow, Terje Andersen.
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HOW: Illustration of the first construction phase at Morrow’s planned factory in Arendal. Illustration: Morrow Batteries
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He explains that this new capital raising will primarily finance equipment for the first construction phase at the factory.
The first construction phase will provide capacity for a production of 1 gigawatt hour (GWh) with battery cells annually. The goal is to produce the first battery cell by the end of 2023, according to Andersen.
When all construction stages are in place in 2028, the capacity will be 43 GWh, corresponding to the need for more than 700,000 electric cars, it is stated.
The staff at the battery factory is then expected to be more than 2,500 people.
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