Morrorw Batteries, an Arendal, Norway-based industrial battery technology company, raised up to €70M in funding.
The round saw participation from Å Energi, PKA (Maj Invest), Siemens Financial Services, ABB, and Nysnø.
The company intends to use the funds to continue its development of sustainable batteries and support continued growth and the construction of the Morrow Industrialization Center on the Battery Coast of Southern Norway. Commencement of production at the company’s first GWh cell factory in Arendal is anticipated early next year, and the project has garnered significant interest.
Led by CEO Lars Christian Bacher, Morrow Batteries is an industrial battery technology company on a mission to develop and deliver next-generation batteries with cathode material (LNMO). These batteries replace cobalt, reduce nickel and lithium, and maximise the use of clean and abundant manganese.
The company has 150 battery specialists across four international offices.
FinSMEs