Morrow secures strategic agreement with Nordic Batteries

Morrow Batteries ("Morrow") and Nordic Batteries have signed an agreement for 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.

The agreement was signed today at the world's leading industry fair, Hannover Messe, in Germany.

"We are thrilled to announce a signed agreement and particularly excited to sign it with Nordic Batteries. Since we entered the Memorandum of Understanding with Nordic Batteries in August 2023, we have built a great cooperation between the companies," says Morrow CEO Lars Christian Bacher.

Morrow recently reported significantly improved product performance on LFP batteries, with the company's first product's cycle life increased by 30% and 10% higher energy density. Morrow will deliver a commercially viable, thoroughly tested, competitive LFP product.

Under the terms of the agreement, Nordic Batteries will develop and produce modules and packs based on Morrow's LFP cells. The companies plan to cooperate in sales and marketing activities and evaluate the possibility of joint production for modules.

"We are steadfast in our ambition to become Europe's leading LFP battery provider and are experiencing strong customer interest in LFP battery solutions. We look forward to securing more offtake agreements directly and possibly in collaboration with Nordic Batteries," Bacher adds.

"Nordic Batteries is excited to join Morrow for LFP offtake and explore the potential of joint module production. As part of the Kongsberg cluster of companies, we understand and recognise the importance of a collaborative business environment. Morrow has become the nexus of an integrated cluster along the "battery coast", and we are delighted to become a part of this and contribute to the Norwegian battery value chain," says Nordic Batteries CEO Jarle Gjøsæther.

Morrow Batteries has produced several thousand cells at its Customer Qualification Line (CQL) and has shipped LFP samples to potential customers for testing and validation since November last year. Nordic Batteries has had these sample cells for some time. They have used the LFP samples for product development and are testing their first functioning prototypes. Morrow will start production at its first gigafactory in Arendal, Norway, in the third quarter of 2024.

Upon receiving commercial volumes of cells, Nordic Batteries will assemble and manufacture battery packs and energy systems customised for maritime and demanding industrial applications, enabling the green shift. The company is also developing battery modules and racks with high energy and power. It will install its pilot line in Q2 2024 as the first step towards an automated 1GWh battery assembly line in Norway.

ABOUT NORDIC BATTERIES //

• Nordic Batteries is a Norwegian company focused on bridging the gap between cell producers and integrators and completing the battery value chain. The company is developing and will produce battery modules and packs, as well as energy systems focusing on a Nordic supply chain.
• With its Industry 4.0 initiative, Nordic Batteries builds a fully automated agile assembly plant for battery modules and packs. The 1GWh plant is being developed with the experience gained from the BATNET-project and will be the first automated assembly line in Norway when operational in 2026.
• Through the BATNET-project, Nordic Batteries has developed a pilot plant to assemble battery modules and packs. The pilot line is ready to be installed in Kongsberg Q2 2024 and will be operational from Q3 24, producing the first Norwegian-developed modules.
• Nordic Batteries today produces battery containers for robust and secure energy supply to various industries, contributing to electrifying their operations. The battery systems include software for controlling and operating the containers with intelligent planning for optimised energy use at all levels. These will in the future be built with own battery modules.
• The company has locations in Kongsberg and Høvik outside Oslo.

Learn more at https://nordicbatteries.com/
Contact CEO of Nordic Batteries, Mr. Jarle Gjøsæther at jarle.gjosather@nordicbatteries.com or +47 98224002.