The Board of Directors of Morrow Batteries proposes to raise up to EUR 70 million in new capital from its owners
The Board of Directors of Morrow Batteries ASA ("Morrow") proposes to the company's extraordinary general meeting (EGM) that the company raises up to EUR 70 million in new equity (approximately NOK 800 million). The proceeds will be used to continue the development of next-generation sustainable batteries and strengthen the investment in the industrial park in Arendal, Southern Norway.
The transaction will be carried out as a private placement in two tranches where all existing shareholders can participate on the same terms. Initially, the first tranche of EUR 35 million (approximately NOK 400 million) has been proposed by the Board for EGM approval, with tranche two to be presented later.
Being part of building a strategic and competitive new industry is capital-intensive, and Morrow continues to pursue public and private funding.
The capital raise will be addressed at an extraordinary general meeting of Morrow Batteries on September 22.