We're proud to be mentioned together with our partner Morlus Technology. At Elinor Batteries, we believe collaboration and technological advancements are key to creating a sustainable future.
Energy Storage Aficionado | Director at ENOWA, NEOM | Ex-founder Fluence | Forbes 30 Under 30 Alum | Futurist
With Northvolt filing for bankruptcy and Freyr's hard pivot out of #batteries, you might be surprised to hear that a new entrant is attempting to fill the European #energystorage void: enter Elinor Batteries. At face value, the value proposition is very similar: 🔋 Domestically produced European Li-ion cell manufacturing (initially 10GWh) 🇳🇴 Located in Scandinavia, powered by #renewables (Norwegian hydro) 🇪🇺 Focus on meeting stringent European ESG, supply chain traceability and self-sufficiency requirements Given this, and the cautionary downfall story in trying to compete with China, it might seem crazy to try to set up a new European-owned gigafactory so it's worth contrasting some key differences to the decisions made by Northvolt that come with the benefit of hindsight: ✏️ Market segment: Northvolt tried to address many segments including EVs and grid storage, whilst Elinor is focused solely on stationary storage (ESS) only 🧪 Chemistry: Due to the EV-led approach Northvolt bet on NMC, at a time when the market swung heavily towards LFP, whilst Elinor is focused solely on LFP, the dominant tech in the ESS segment for the foreseeable future ♟️ Strategy: Northvolt tried to go it alone, whilst Elinor has partnered with Chinese manufacturer Morlus Technology (ex-BYD) The last point is undoubtedly the most significant. The partnership between Elinor and Morlus will accelerate Elinor's battery manufacturing capabilities in Norway, leveraging Morlus' expertise in battery design and factory construction to narrow the competitive gap and get to higher quality yields far faster than might be achieved in a go it alone case like Northvolt. CRU estimate this could (in a US context) yield an immediate 25% advantage upfront vs going it alone. Of course, this is a highly capital intensive industry and Elinor is in a much earlier stage than Northvolt, who raised $15 billion and still didn't make it - but the fundamentals suggest this time around, they might have a better shot. If you can't beat them, join them. Good luck to you Arne Fredrik Lånke and team! What do you think, network? Graph source: Volta Foundation Battery Report 2024