Press release -
Morrow Batteries’ Industrial Update May 2024: Press Release and Webcast Invitation
Europe's largest LFP factory set to commence production in Q3 2024
Morrow Batteries ASA (“Morrow”) will commence mass production at Europe’s first gigawatt-scale factory for LFP batteries in 2024. In 2024, Morrow has reached significant milestones in technology, market, organisation and financing.
The company will present an Industrial Update at a webcast on Tuesday, May 28, 2024.
“During 2024, we have successfully advanced our preparations for the industrial scale-up of our battery production in gigawatt scale. We follow a step-wise plan, mitigating risk efficiently, and in Q3, we will open the first 1 GWh factory based on the proven LFP technology in Arendal, Norway. We have already shipped thousands of sample cells from our customer qualification line in Korea, and we recently announced significant improvements in the lifespan and energy density of our LFP batteries. The strategic sales agreement with Nordic Batteries, which we signed in April, demonstrates the quality of our products and our industrial platform,” says CEO of Morrow Batteries, Lars Christian Bacher.
The company announced yesterday that it had raised capital in a directed share issue towards existing shareholders. The main shareholders, Å Energi, PKA, Siemens Financial Services, ABB, and some minor shareholders participated.
“We are proceeding well on our track to become a profitable Norwegian battery production company, and we appreciate the backing from our shareholders. As we advance, we will continue to raise capital as we gradually scale up. We plan to apply for NOK 1.5 billion from the new government scheme for green industrial financing, which is expected to be launched shortly. This will be crucial for releasing more private capital as we scale up,” says Lars Christian Bacher.
While Morrow’s first factory will initially produce LFP batteries, the company continues to advance the technology for LNMO batteries, driven by a highly qualified team with 25 nationalities based at Morrow’s research centre in Grimstad.
"Based on our proven LFP technology, in the medium- to long term, we will target a gradual scale-up and introduce our proprietary LNMO technology with significantly lower costs and longer battery life. Morrow has the potential to take a global cost- and sustainability leadership position for all battery use cases," comments Bacher. Our go-to-market strategy is energy storage and niche segments, which both have substantial growth prospects and represent higher profit margins.
Highlights last six months
- Successful preparation for the opening of Norway's first GWh scale battery factory in Q3 2024
- Achieved significantly improved product performance on its Lithium Iron Phosphate (LFP) batteries with 30% increased cycle life and 10% increased energy density
- Signed an agreement with Nordic Batteries for the delivery of 5.5 GWh Lithium Iron Phosphate (LFP) BEV2 batteries over seven years. The first batteries will be sold from Morrow towards the end of 2024.
- Signed an agreement with Stena Recycling regarding battery production scrap from the Morrow Cell Factory in Arendal
- Continuing to scale up the organisation for growth, surpassing 200 employees
- Raised €48.4 million in new capital from existing shareholders
- Awarded 345 million NOK in grants from Innovation Norway under the IPCEI European business program. The funding will support the R&D development of the LNMO battery technology
- Strengthened executive management team, with CFO Steffen Føreid, CCO Christin-Marie Bodgoust and CSO Jon Fold von Bülow
Invitation to presentation of Industrial Update May 2024
Morrow Batteries will host a webcast presenting an industrial update on Tuesday, May 28, 2024. The presentation starts at 10:00am CET. Management will be represented by CEO Lars Christian Bacher, CCO Christin-Marie Bodgoust, COO Dr. Andreas Maier, and CSO Jon Fold von Bülow.
Participants who have questions can send them by mail to invest@morrowbatteries.com or through the comment section on the LinkedIn event.
Participant access information
Please join the webcast using the following link: webcast access
Start time: 10:00am CET
Duration: 20-30 minutes
After the event, a recorded version of the webcast will be available on LinkedIn.
Morrow Batteries (Morrow) is at the forefront of sustainable battery innovation, poised to become Europe's premier GWh-scale producer of prismatic LFP batteries. Our LFP batteries offer exceptional safety, longevity, and minimal environmental impact. In tandem, our state-of-the-art R&D centre in Norway is pioneering the development of next-generation LNMO batteries. This cutting-edge technology, free of cobalt and lower in nickel and lithium, leverages the efficiency of manganese to set new standards in sustainability and performance. Established in 2020 and based in Arendal, Norway, Morrow has grown to include a diverse team of 200 professionals from over 30 countries. Discover more about our mission to deliver better batteries at morrowbatteries.com and connect with us on LinkedIn @MorrowBatteries for the latest updates.
