Norwegian start-up Morrow Batteries has secured a loan facility of 1.5 billion crowns ($134 million) from the government agency Innovation Norway, the company announced on Tuesday. This funding will support the scale-up and development of Morrow’s battery manufacturing operations in Norway.
The loan comes as the country aims to establish itself as a key player in the battery cell production industry, leveraging access to green energy and a strategic location close to European customers seeking alternatives to Chinese-made batteries.
Morrow, which opened Norway’s first battery cell plant in August, intends to gradually expand its production capacity. The company will initially utilize lithium iron phosphate (LFP) technology at its facility in Arendal, southern Norway, which is Europe’s first gigawatt-scale LFP factory.
Innovation Norway highlighted that the loan facility would help fulfill the government’s broader battery strategy, which seeks to increase local production and supply of electric vehicle (EV) batteries.
Morrow is focused on launching its first 1 gigawatt-hour (GWh) LFP battery factory in the second quarter of 2025. The company is also working on securing more offtake agreements and advancing its proprietary battery chemistry.
Morrow has already secured a delivery agreement for 5.5 GWh over seven years with Nordic Batteries, a company that builds custom storage solutions. Early investors in Morrow include Norwegian utility A Energi, engineering giants ABB and Siemens, Danish pension funds PKA, and the state-owned green investment firm Nysnø.
