Morrow Batteries Receives 131-Million-Dollar-Loan

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 Å 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