The Arendal factory will have an initial production capacity of more than 1GWh of battery cells a year. Credit: © Morrow Batteries.
Norwegian battery start-up Morrow Batteries has secured €100m in an investment round led by Siemens Financial Services and ABB.
Other investors in the round were Nysnø Climate Investments and Arendals Fossekompani, as well as the company’s existing shareholders PKA, NOAH and Agder Energi Invest.
Morrow Batteries aims to manufacture cost-effective and sustainable battery cells. The company is currently working to establish a factory in Arendal, Norway.
The firm said that the backing from industrial owners will strengthen its relationships with key suppliers and future customers.
Commenting on the fundraising, Morrow CEO…