Nysnø invests in the battery company Morrow

Stavanger, 22 May 2022,  Morrow Batteries (“Morrow”), 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, Nysnø and Siemens are among the company's investors.

- 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, says Nysnø's Investment Director, Joe Eliston.

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.

The company has completed a EUR 100 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 in the financing round.

“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,” said CEO of Morrow, Terje Andersen.

"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," says Joe Eliston, Investment Director in Nysnø Climate Investments.

Battery factory in Arendal

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’s relation to important suppliers and future customers.

”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,” Morrow CEO Terje Andersen added.

For additional information, please contact:

Morrow

Jon Anders Skau, Tel: +47 47635078, jon.anders.skau@morrowbatteries.com

Nysnø Climate Investments

Joe Eliston, Investment Director, phone: +47 948 21 989, joe@nysnoinvest.no,

About Morrow

Morrow's ambition is to develop and manufacture the world's 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.

To accelerate development and ensure the quality of products for important market segments, Morrow is building an industrialization center that supports the company's vision of making cost-effective and sustainable batteries. With these facilities, Morrow and the company's partners establish the "Battery Coast" in Southern Norway and a comprehensive ecosystem built around the value chain for batteries.

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 Nysnø Climate Investments, an investment company wholly owned by the Norwegian state.