Advertise your business here! 🚀

Contact us now and get more customers.

Smiling woman thumbs up

Morrow Batteries Receives 131-Million-Dollar-Loan

factory
Dec 21, 2024
Article Source LogoBattery News
Battery News

Innovation Norway has granted Norwegian battery company Morrow Batteries a credit line of approximately 131 million US dollars. The financial support is intended to enable the scaling and further development of battery production in the country. Innovation Norway is a state funding body aiming to strengthen Norwegian companies and technologies through financial and advisory support.

Morrow intends to commission its first production facility for lithium iron phosphate (LFP) batteries in the second quarter of 2025. The plant will be located in Arendal, Norway, and have a one-gigawatt-hour capacity. In parallel, the company operates a research center in Grimstad where it works on the further development of battery technologies with a focus on LFP and LNMO batteries.

Since its founding in 2020, Morrow Batteries has used a mix of private investment, government grants, and loans to finance its projects. Major investors include companies such as Siemens and Ă… Energi. In addition, Morrow benefits from IPCEI grants covering up to 35 percent of project costs.

Source:https://news.morrowbatteries.com/pressreleases/innovation-norway-grants-nok-1-dot-5-billion-loan-facility-to-morrow-batteries-asa-3361196

Share Your Insights!

Publish your articles, reach a global audience, and make an impact.

0
Recent Comments

Factory Related News You might want to check out

View by
Eos Energy To Spend $353M To Establish Factory, Relocate Hq To Pittsburgh Area
Eos Energy To Spend $353M To Establish Factory, Relocate Hq To Pittsburgh Area
Manufacturing Dive
23 October 2025
factory
Rwanda’S $190 Million Cimerwa Clinker Factory To Save The Country Billions
Rwanda’S $190 Million Cimerwa Clinker Factory To Save The Country Billions
Construction Review
02 October 2025
factory
Eli Lilly Building $6.5B Pharmaceutical Ingredient Factory In Texas
Eli Lilly Building $6.5B Pharmaceutical Ingredient Factory In Texas
Manufacturing Net
25 September 2025
factory
Eli Lilly Plans $5 Billion Factory To Make Cancer Meds In Virginia
Eli Lilly Plans $5 Billion Factory To Make Cancer Meds In Virginia
Manufacturing Net
19 September 2025
factory
Radiance To Build $370 Million Secure Microchip Factory In Louisiana
Radiance To Build $370 Million Secure Microchip Factory In Louisiana
Manufacturing Net
28 August 2025
factory
Egypt And China’S Sailun Group Sign $1 Billion Deal To Construct Sokhna Industrial Zone Tire Factory
Egypt And China’S Sailun Group Sign $1 Billion Deal To Construct Sokhna Industrial Zone Tire Factory
Construction Review
17 August 2025
factory
Details Of T1'S Solar Vision Emerge After Bailing On $2.6B U.S. Battery Factory
Details Of T1'S Solar Vision Emerge After Bailing On $2.6B U.S. Battery Factory
Manufacturing Net
16 August 2025
factory
€250 Million Siemens Train Factory Officially Opened In Munich-Allach
€250 Million Siemens Train Factory Officially Opened In Munich-Allach
Construction Review
10 July 2025
factory
Gm Adjusts Course On Evs With Major $4B Investment For Factory Upgrades
Gm Adjusts Course On Evs With Major $4B Investment For Factory Upgrades
Manufacturing Today
13 June 2025
factory
Orbic Builds $110M Device Factory To Boost Us-Made Tech
Orbic Builds $110M Device Factory To Boost Us-Made Tech
Manufacturing Today
13 June 2025
factory
Gm To Invest $888 Million To Upgrade Engine Factory In Western New York
Gm To Invest $888 Million To Upgrade Engine Factory In Western New York
Manufacturing Net
29 May 2025
factory
$6.5 Billion Morocco’S Gotion Gigafactory Construction To Commence
$6.5 Billion Morocco’S Gotion Gigafactory Construction To Commence
Construction Review
23 May 2025
factory