ABB and Siemens Back Norwegian Battery Start-Up


ABB and Siemens are leading a €100mn fundraising round by Morrow Batteries, a start-up that aims to start producing in its home country of Norway by the end of next year, says an article published in Finance News.

Sweden’s Northvolt

Boosting investment in battery production has become an urgent strategic goal for Europe as it races to address the energy crisis and the shortage created by declining Russian gas supplies.

The region’s biggest battery makers include Sweden’s Northvolt, which raised $2.75bn last year and started production in December, and Norway’s Freyr, which went public last year through a merger with a listed company.

Morrow said it would use its funding to build a 1.2GW pilot factory by the end of next year, which will produce batteries used in energy storage systems such as those used for rooftop solar panels.

Chief executive Terje Andersen said this initial production would allow the company to obtain certification for producing electric vehicle batteries, which would ultimately become its main market.

“The market is huge,” he said, acknowledging that Morrow was two or three years behind larger rivals such as Northvolt. He estimates Morrow is in the top third of European battery groups. “We are not in the front, and we are not in the back,” said Andersen.

At present China is the world’s biggest battery manufacturer. However, new European trade rules will make it extremely expensive to import batteries from Asia from 2027, creating an opening for Europe’s homegrown battery makers.

Morrow’s €100mn fundraising is being led by Siemens Financial Services, a subsidiary of the German industrial group, and ABB, the Swedish-Swiss power conglomerate. Additional investors include the Norwegian state’s Nysnø Climate Investments and Arendals Fossekompani, a hydropower company and green investment fund.

Morrow previously raised €32mn from investors including Danish pension fund PKA and Agder Energi Venture, which both participated in the second round.

At present Morrow’s battery development line is in South Korea, and the company said it would relocate the production to the new factory in Arendal on Norway’s southern coast.

Global shortages of cobalt and nickel are threatening to push up the price of electric vehicle batteries, prompting some manufacturers to invest in technologies that use less of these materials.

Andersen said the company was planning a battery that had no cobalt and used significantly less nickel. “We will replace nickel and cobalt with manganese. This is what the EV producers are keen to discuss with us.”

ABB and Siemens back Norwegian battery start-up & Latest Finance News

I have tried to deliver breaking news today All of you keep getting all kinds of news through this website of ours and with this you should tell people that the biggest thing is that we only provide you people on this website.
All of you keep getting all kinds of news through this website of ours and with this you should tell people that the biggest thing is that we only provide you people on this website.
Apart from all these, let us tell you that we will continue to try to bring all kinds of news for you people and whatever news is being sent to you during our visit, if you people do not like it, then you people are from any country. We will continue to deliver  the news of all those countries to you people, along with this we have also created other types of websites,
which will keep identifying all kinds of latest information for you people, whoever are interested candidates and whoever visits our website. All those who want to read news through the medium can easily read all types of news by visiting our website and can share this news with their loved ones so that they too.
because this news is related to your country finance news headlines todayand the world, along with if you belong to any country, then we keep bringing news about it to you, along with you if the news received by us. If you are very happy with this then you guys can definitely share the news with your friend also.
ABB and Siemens back Norwegian battery start-up & Crypto News Today
I have tried to give all kinds of news for you guys,latest world news headlines you can also share all this news with your favorite friends and I am very happy to share all this news among you guys because of this news. Through this you will be able to learn a lot,
as well as all the news of upcoming news related to trending news today your country will be conveyed by me to you people very quickly and with this you will also know about the news around you. By getting complete information, you can go a long way, together you may like all this news very much.

Final Words For Business News Today Here

I have worked hard to deliver all kinds of news through my website, along with this, I have also tried hard to reach all the news quickly and will tell you the trending news that is coming. There is news related to your country
all that will be delivered to you free of cost by us andtoday latest crypto newsall this merit will be available to you to read for free through this website so that all the problems related to news of you people will be removed. And you can get all kinds of news information from us, along with you can also share it with your loved ones anywhere.


Did you subscribe to our daily newsletter?

It’s Free! Click here to Subscribe!

Source: Finance News


This site uses Akismet to reduce spam. Learn how your comment data is processed.