Norwegian Morrow Batteries pulls in EUR 100m in new funds

Norwegian battery cells developer Morrow Batteries has raised EUR 100 million (USD 106.5m) in a funding round led by German industrial conglomerate Siemens AG’s (ETR:SIE) financing solutions arm and Swiss industrial group ABB Ltd (VTX:ABBN).

The fresh capital will be used to finance the first phase of the company’s factory in Arendal, Norway, with a capacity to produce more than 1GWh battery cells each year, the start-up said in a press release on Monday.

The fund-raiser also saw participation from Nysno Climate Investments and Arendals Fossekompani as well as from existing shareholders such as the Danish pension fund PKA, NOAH AS and Agder Energi Invest.

The backing from industrial owners will strengthen the company’s relations with important suppliers and future customers, the Norwegian firm noted further in the statement.

Morrow was established in 2020 with the ambition to develop and manufacture cost-effective and sustainable battery cells. It is currently in the process of establishing a giga factory that can manufacture 43GWh battery cells every year. The factory will use 100% renewable hydropower to manufacture batteries with the lowest possible CO2 emissions.

(EUR 1 = USD 1.065)

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