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Norwegian battery start-up Morrow Batteries has scooped up €100m in an investment round led by Siemens Financial Services and ABB. Other investors in the round were Nysns Climate Investments and Arendals Fossekompani, as well as the companys existing shareholders PKA, NOAH and Agder Energi Invest. Morrow, starting with its first battery cell factory opening in Southern Norway in 2023 has a planned gigafactory for battery cell production to produce 43-gigawatt hours yearly from 2028. The firm hopes to use clean energy for all its operations, giving it an edge over competition, especially from China Commenting on the fund raising, Morrow CEO Terje Andersen 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 Nysns Climate Investments, this brings us into the top tier of battery manufacturers in Europe. Proceeds from this funding round will go towards the first phase of the battery ce factory in ArendaI. |
