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Morrow loan deal boost for Norway giga plans

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Might 19, 2023: Morrow Batteries stated on Might 12 that it agreed to a mortgage deal of NOK567 million ($53 million) to assist the event of its battery cell initiatives in Norway.

Morrow stated the mortgage will finance the continued development of its enterprise in Arendal and Grimstad within the south of the nation.

The convertible mortgage was granted to the 4 major shareholders of the corporate Å Energi, Maj Make investments, Siemens Monetary Companies and ABB, professional rata to their present possession.

All different shareholders will likely be invited to take part in the identical mortgage of NOK140 million on the identical situations.

CEO Lars Christian Bacher stated the corporate is producing its first batteries for buyer qualification and the analysis is “at full pace”.

Morrow has completed constructing its analysis heart in Grimstad the place next-generation battery know-how is being developed.

Trial manufacturing continues in South Korea whereas development of the Morrow Cell Manufacturing unit in Arendal continues, with manufacturing set to start in 2024.

The funding resolution to begin the subsequent facility – the Eyde 1 14GWh per 12 months battery manufacturing plant – will likely be taken within the first half of 2024.

Morrow has beforehand stated its batteries will use LNMO cathode materials, which it says eliminates the necessity for cobalt, reduces the usage of nickel and lithium and maximizes the usage of “available manganese”.

On March 20, the corporate stated it had agreed to a long-term battery provide settlement with BESS developer Eldrift.

The Norwegian corporations stated a non-binding offtake settlement commits Eldrift to buy 1.5GWh of Morrow’s batteries beginning in 2024, when Morrow begins industrial manufacturing at its gigafactory.

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