{"id":2966,"date":"2022-05-23T14:00:00","date_gmt":"2022-05-23T14:00:00","guid":{"rendered":"https:\/\/nysnoinvest.no\/nysno-investerer-i-batteriselskapet-morrow\/"},"modified":"2026-04-09T16:06:33","modified_gmt":"2026-04-09T16:06:33","slug":"nysno-investerer-i-batteriselskapet-morrow","status":"publish","type":"post","link":"https:\/\/nysnoinvest.no\/en\/nysno-investerer-i-batteriselskapet-morrow\/","title":{"rendered":"Nysn\u00f8 invests in the battery company Morrow"},"content":{"rendered":"\n\n
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May 23, 2022<\/h4>\n<\/section>\n\n\n

Nysn\u00f8 invests in the battery company Morrow<\/h1>\n\n\n

Stavanger, 22 May 2022. Morrow Batteries (\u201cMorrow\u201d), a Norwegian company that aims to manufacture the world’s most cost-effective and sustainable battery cells, has today announced an EUR 100 million investment round. ABB, Nysn\u00f8 and Siemens are among the company’s investors.<\/p>\n\n\n\n

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\u2013 The battery segment is today a market with strong underlying growth. Electrification of the transport sectors is crucial to achieving global climate goals, and batteries are an important component in realizing these ambitions,<\/em> says Nysn\u00f8\u2019s Investment Director, Joe Eliston.<\/p>\n<\/blockquote>\n\n\n\n

Morrow plans to fully operate its first battery cell factory in Arendal ultimo 2023. This will be the first commercial battery cell production facility in Norway. From day one, it will manufacture some of the most sustainable batteries in the world, fueled by renewable energy. This factory will have the capacity to manufacture more than 1 GWh battery cells per year. When all phases of development are completed, the Morrow Gigafactory in Arendal will have a total production capacity of 43GWh battery cells each year.<\/p>\n\n\n\n

The company has completed a EUR 100 million capital raise with Siemens Financial Services, ABB, Nysn\u00f8 Climate Investments and Arendals Fossekompani. Current shareholders, the Danish pension fund PKA, NOAH AS and Agder Energi Invest also participated in the financing round.<\/p>\n\n\n\n

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\u2013 Bringing in long term, solid and competent capital from some of the leading industrial companies in Europe with a global reach will be of great value on our path to manufacture the most sustainable and cost-effective batteries. Together with the backing from the Norwegian state owned Nysn\u00f8 Climate Investments, this brings us into the top tier of battery manufacturers in Europe, <\/em>said CEO of Morrow, Terje Andersen.<\/p>\n<\/blockquote>\n\n\n\n

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\u2013 Morrow has an ambition to become the world\u2019s greenest battery producer with a negative carbon footprint. This is of course something that a climate investment company like Nysn\u00f8 finds very interesting. With renowned international industrial investors such as ABB and Siemens on the team, we believe that the company is well rigged to succeed, <\/em>says Joe Eliston, Investment Director in Nysn\u00f8 Climate Investments.<\/p>\n<\/blockquote>\n\n\n\n

Battery factory in Arendal<\/strong><\/p>\n\n\n\n

Morrow is planning to build three giga factory modules in Arendal, Norway, scaling up its production to an annual capacity of 43 GWh when fully operational in 2028. The backing from industrial owners will strengthen the company\u2019s relation to important suppliers and future customers.<\/p>\n\n\n\n

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\u2013 This capital raise primarily finances equipment for the first factory. This will be the first battery cell production facility in Norway with capacity to deliver to the commercial market, and we will manufacture the first battery before the end of 2023. Morrow Battery Research Centre is currently under construction in Grimstad, Norway, and we are also setting up a customer qualification line in South Korea. With this line we will be able to deliver the first product samples to customers later this year, <\/em>Morrow CEO Terje Andersen added.<\/p>\n<\/blockquote>\n\n\n\n

About Nysn\u00f8 Climate Investments<\/strong><\/p>\n\n\n\n

Established in 2017, Nysn\u00f8 Climate Investments (Nysn\u00f8) is a state-owned climate investment company that invests in companies and funds with profitable and smart solutions to reduce greenhouse gas emissions. With 2,9 billion NOK in assets under management Nysn\u00f8 invests within clean energy, digital and enabling technologies, resource efficiency, sustainable demand, and the circular economy. Nysn\u00f8 is based in Stavanger and owned by the Norwegian Ministry of Trade, Industry & Fisheries.<\/p>\n\n\n\n

About Morrow\u202f<\/strong><\/p>\n\n\n\n

Morrow\u2019s ambition is to develop and manufacture the world\u2019s most cost-effective and sustainable battery cells. Based in Southern Norway, Morrow is currently in the process of establishing a giga factory that can manufacture 43 GWh battery cells every year. The factory will use 100 percent renewable hydropower to manufacture batteries with the lowest possible CO2 emissions.<\/p>\n\n\n\n

To accelerate development and ensure the quality of products for important market segments, Morrow is building an industrialization center that supports the company\u2019s vision of making cost-effective and sustainable batteries. With these facilities, Morrow and the company\u2019s partners establish the \u201cBattery Coast\u201d in Southern Norway and a comprehensive ecosystem built around the value chain for batteries.<\/p>\n\n\n\n

Morrow Batteries was founded in 2020 by strong and committed owners. The leading investors are Agder Energi Invest, a wholly owned subsidiary of Agder Energi, NOAH, a wholly owned subsidiary of Gjelsten Holding, the Danish pension fund PKA, the global technology companies Siemens Financial Services and ABB, and Nysn\u00f8 Climate Investments, an investment company wholly owned by the Norwegian state.<\/p>\n\n\n\n

Kontaktpersoner:<\/strong>
Jon Anders Skau, jon.anders.skau@morrowbatteries.com
Joe Eliston, Investment Director, joe@nysnoinvest.no<\/p>\n\n\n\n

<\/p>\n\n\n\n

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