Battery Market News’ Post

🔋 Morrow Batteries has secured a NOK 1.5 billion loan facility from Innovation Norway for scaling up its battery manufacturing operations. The company plans to launch its first #lithiumironphosphate (LFP) battery factory in the second quarter of 2025.

🔋 Innovation Norway has provided a NOK 1.5 billion loan to Morrow Batteries, which support the scaling of battery manufacturing in #Norway. This financing aligns with the government’s battery strategy and assist in launching Morrow’s first 1 GWh LFP battery factory by Q2 2025. Read more: https://lnkd.in/eCiTaUPA #batterytech #batterymanufacturing #EV Benoit Watremetz, Raj Sridharan, Andreas Maier, Lars Christian Bacher, Christin-Marie Boudgoust, Steffen Føreid, Sanna Sommer, Stephen Sayfritz, Nir Kedem, PhD, Elisabeth Meidel, Stina Torjesen, Jon Fold von Bülow, Robert Gantner

PRESS RELEASE⚡️ Innovation Norway grants NOK 1.5 billion loan facility to Morrow Batteries ASA. "In the current capital market, with many green initiatives facing strong headwinds, I see this loan facility as validation of Morrow’s business plan and step-by-step industrial approach. It enables us to start giga-scale production of batteries in Arendal, playing a crucial role in the development of a Norwegian battery value chain," says Morrow Batteries CEO Lars Christian Bacher. Read on for full story⬇️🔗 #mission2morrow #betterbatteries #batteries Photo credit: DN/NTB

🚀 Exciting news for Morrow Batteries! NOK 1.5B loan from Innovation Norway to power giga-scale production in Arendal. ⚡💚 #Sustainability #Innovation #BatteryTechnology #mission2morrow #betterbatteries #batteries

Germany still believes in Northvolt investment Schleswig-Holstein state Prime Minister Daniel Günther has said he supports the building of a facility in northern Germany. The politician asserts that he believes in the Northvolt project and is optimistic. He stressed that the battery cell factory will be built in Heide, the politician emphasized in an interview with the German Press Agency (NAP). “Germany needs its #batteryfactory. There is a reason why the European Commission decided in early December to subsidize the production of battery cells with one billion euros. This is an important signal if we want to be competitive in #Europe and have sound supply chains. But even more important is to improve the framework conditions for e-mobility.” – Günther continued for NAP. The politician cited a functioning used car market for electric vehicles, a nationwide expansion of charging stations and competitive prices for electricity from renewable energy sources as examples. Regarding investment in Heide, Günther explained that making a decision aimed at an indefinite future is never without risk. However, the politician sees tremendous growth opportunities with the #construction of the #plant. https://lnkd.in/eBeTMiYd

🔋 Morrow Batteries is taking steps to prioritize commercial #LFPbattery production and advance its proprietary technology in Grimstad, #Norway. To focus on core activities, the company will reduce its workforce by up to 60 positions, retaining around 180 employees. Morrow has secured NOK 1.5 billion from Innovation Norway to support profitability and future growth despite delays. Read more: https://lnkd.in/eHMwrwjB #batterytech #batterymanufacturing #EVmarket

Innovation Norway has granted Morrow Batteries a loan worth 131 million US dollars to scale up and further develop battery production in Norway. 🔋 Read more in our #BatteryNews: https://lnkd.in/eezPqUNg #eMobility #Battery #BatteryProduction #Gigafactory #BatteryNews #MorrowBatteries #InnovationNorway

EU wants to support battery industry with one billion euros The new EU Commission has launched a call for funding totalling €1 billion for the production of battery cells for electric cars. The EU will subsidise companies and consortia that produce innovative battery cells or use innovative manufacturing processes and technologies. It remains to be seen whether the aid will arrive in time for Northvolt, for example.

congratulations to Morrow Batteries which has opened Norway's first battery cell production site, with plans to deliver the first units by the end of the year and adding more production step by step. Battery cell production is one new industry Norway is keen to enter, hoping to benefit from access to green power and proximity to European customers keen to source batteries away from China. Founded in 2020, Morrow Batteries will initially use existing lithium iron phosphate (LFP) technology and its plant in Arendal, southern Norway, is Europe's first gigawatt LFP factory. Inteeresting comment from CEO Lars Christian Bacher that offtake agreements with car manufacturers are not yet on the cards, with initial production volumes too small and that "it will take years for us to qualify for selling batteries to an automotive company." The company has secured a delivery agreement for 5.5 gigawatt hours (GWh) over seven years with Nordic Batteries, which builds customised storage solutions. Early investors in Morrow include local utility A Energi, engineering firms ABB and Siemens, Danish pension funds PKA and Norwegian state-owned green investment firm Nysnoe.

Norsk Hydro buys remaining shares in Hydrovolt from Northvolt Hydro and Northvolt have signed an agreement where Hydro will acquire the remaining shares in the battery recycler Hydrovolt for NOK 78 million. Hydro is increasing its ownership in Hydrovolt from 72 to 100 percent through this transaction.