Press release -
Morrow Batteries, Li-Cycle and ECO STOR forms a JV to build a lithium-ion battery recycling facility
Morrow Batteries, Li-Cycle and ECO STOR forms a Joint Venture to establish a battery recycling facility in Southern Norway. With this partnership Morrow and partners is taking an important step towards establishing a closed loop in the battery value chain.
The recycling facility will have the capacity to process up to 10,000 tonnes of lithium-ion batteries per year, including battery manufacturing scrap, full EV packs, and energy storage systems. With this facility, the partners deliver an integrated closed loop battery production, re-use and recycling to the Nordic market. The facility is expected to be operational in early 2023.
“Localizing the full battery supply chain to Norway’s ‘battery coast’ and South Norway is key to driving down our cell production cost, while simultaneously delivering the world’s most sustainable batteries. This partnership will develop a closed material loop ecosystem supporting European customers and will ensure we continue to deliver value from battery materials through re-use and recycling over the long term”, says Terje Andersen, CEO of Morrow Batteries.
Headquartered in Arendal, Norway, Morrow Batteries is building up world-class battery cell manufacturing with a planned annual capacity of 43 GWh, utilizing 100% renewable hydroelectric power to ensure the lowest possible CO2 footprint.
Li-Cycle will be the majority owner. The initiative brings together complementary parts of a circular and sustainable value chain to the European market and brings Li-Cycle’s total global recycling capacity (existing and under development) to 40,000 tonnes of lithium-ion battery input per year.
“This is a significant step for Li-Cycle, as we deploy our proven lithium-ion battery resource recovery solution to the European market and execute on our global growth strategy with key industry partners,” said Ajay Kochhar, President, CEO and co-founder of Li-Cycle. “Norway’s early leadership in EV adoption and ecosystem is a beacon for electrification globally, creating a robust market for both battery manufacturing scrap and end-of-life batteries domestically. Together with our new partners, we believe we are well positioned to capitalize on this meaningful opportunity.”
Li-Cycle' facility in Kingston, Ontario. Photo: Li-Cycle
Subject to the parties entering into mutually acceptable definitive services, off-take and related agreements, ECO STOR will provide the joint venture with end-of-life lithium-ion batteries, along with Morrow providing lithium-ion battery manufacturing scrap from its planned battery manufacturing facilities in Norway. Li-Cycle will provide equipment, technology, technical services, and operational management for the recycling facility, while having the right to acquire 100% of the facility’s production of black mass.
Headquartered in Oslo, Norway, ECO STOR, a portfolio company of Norwegian utility company Agder Energi, is a leading second-life energy storage development business focused on converting used lithium-ion batteries into energy storage systems. ECO STOR’s proprietary methodology introduces a complete solution for developers, builders, and homeowners looking for low-cost and energy-efficient storage.
“As a leading supplier of energy storage solutions in Norway, ECO STOR has pioneered the development of technologies that enable widespread deployment of second life EV batteries,” commented Trygve Burchardt, CEO of ECO STOR. “Providing batteries with a second life is a significant step on the path to delivering stable, clean, renewable energy and we are pleased to provide a complete recycling solution through our new partnership.
About Li-Cycle Holdings Corp.
Li-Cycle (NYSE: LICY) is on a mission to leverage its innovative Spoke & Hub Technologies™ to provide a customer-centric, end-of-life solution for lithium-ion batteries, while creating a secondary supply of critical battery materials. Lithium-ion rechargeable batteries are increasingly powering our world in automotive, energy storage, consumer electronics, and other industrial and household applications. The world needs improved technology and supply chain innovations to better manage battery manufacturing waste and end-of-life batteries and to meet the rapidly growing demand for critical and scarce battery-grade raw materials through a closed-loop solution. For more information, visit https://li-cycle.com/.
About Morrow Batteries AS.
Morrow’s ambition is to develop and manufacture the world’s most cost-effective and most sustainable battery cells. The company’s vision is to enable and accelerate the green energy transition through smart cell chemistries, and energy saving cell production processes. Morrow’s vision is to create sustainable batteries based on renewable hydroelectric power, local sourcing and closed loop recycling. Morrow Batteries was founded in 2020 by strong, committed owners and the company’s Management. Leading investors are Agder Energi Venture, a wholly owned subsidiary of Agder Energi, NOAH, a wholly owned subsidiary of Gjelsten Holding, and the Danish pension fund PKA.
About ECO STOR AS.
Eco Stor AS manufactures high-performance, low-cost Energy Storage systems for residential, industrial and grid connected applications. Based in Oslo, the business uses complete, second-life electric vehicle batteries to create energy storage systems that minimize environmental impact while offering industry-leading safety, performance and reliability. The company was established in 2018 to commercialize its management team’s 50+ years of experience, intellectual property and knowledge in energy storage system development. In 2019, Agder Energi Ventures invested in the company and have subsequently become the majority shareholder.
Media inquiries:
Morrow:
Terje Andersen, CEO, Morrow Batteries
Tel: +47 979 50 707
Email: terje.andersen@morrowbatteries.com
Li-Cycle:
Sarah Miller, Director Marketing and Communications, Li-Cycle
ECO STOR:
Trygve Burchardt, CEO, ECO STOR
Topics
Morrow Batteries AS (“Morrow”) is on a mission to develop and deliver better batteries to the world at a lower cost to people and the environment. To decarbonize the transportation and energy sector, the industry needs low-cost and sustainable batteries. In face of the green energy transition, the Morrow strategy is twofold; delivering current technology products and developing next-generation batteries. These new batteries will feature the breakthrough cathode material (LNMO) - eliminating the need for cobalt and reducing the use of nickel and lithium, while maximizing the utilization of readily available and clean manganese. The industrial scale-up was founded in 2020. Headquartered in Arendal, Norway, it now counts 100+ battery specialists across four offices internationally. Learn more at morrowbatteries.com and @MorrowBatteries on LinkedIn.
