Morrow Batteries raises EUR 100 million in new investment round.
Morrow Batteries (“Morrow”), a Norwegian company that aims to manufacture the world’s most cost-effective and sustainable battery cells, announced an EUR 100 million investment round.
The transaction will finance the first phase of the company’s factory in Arendal, Norway, with a capacity to produce more than 1 GWh battery cells each year. The investment round was led by Siemens Financial Services and ABB.
Morrow plans to operate the first phase battery cell factory in Arendal ultimo 2023. This will be the first commercial battery cell production facility in Norway. From day one it will be fueled by renewable energy and manufacture some of the most sustainable batteries in the world.
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The first phase of the factory will have the capacity to manufacture more than 1 GWh battery cells per year. When all phases of development are completed in 2028, the Morrow Gigafactory in Arendal will have an annual production capacity of 43GWh battery cells.
The company has completed a EUR100 million capital raise with Siemens Financial Services, ABB, Nysnø Climate Investments and Arendals Fossekompani. Current shareholders, the Danish pension fund PKA, NOAH AS and Agder Energi Invest also participated.
Terje Andersen, CEO of Morrow, said:
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 Nysnø Climate Investments, this brings us into the top tier of battery manufacturers in Europe.”
Steffen Grosse, CEO Equity Finance, Siemens Financial Services commented:
Growth capital is critical to building a sustainable battery value chain in Europe – a core technology driving the energy transition.
“With a proven track record in advancing decarbonization and sustainability through our technology and financing expertise, Siemens Financial Services is proud to partner with Morrow and our co-investors to bring cost-effective and sustainable battery cells to the market.”
The backing from industrial owners will strengthen the company’s relation to important suppliers and future customers.
Edgar Keller, President of ABB’s Traction Division, said:
We are very excited to invest in Morrow and look forward to partnering with them on their journey to becoming a leading global supplier of sustainable batteries.
“Once available, these batteries will become a key component in the production of our energy efficient portfolio, which strives to make sustainable transport a reality”.
Terje Andersen, Morrow CEO added: “This capital raise primarily finances equipment for the first factory. It 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.”
Joe Eliston, Investment Director in Nysnø Climate Investments, said:
Morrow has an ambition to become the world’s greenest battery producer with a negative carbon footprint.
“This is of course something that a climate investment company like Nysnø 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.”
”With our development program of more sustainable batteries, and the steep increase in global demand for batteries, we are perfectly positioned to deliver profitable and sustainable jobs that we need to make the Norwegian, European, and global economy greener,” concluded CEO Terje Andersen of Morrow Batteries.
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Morrow Batteries raises EUR 100 million in new investment round, Arendal, Norway, May 22, 2022
