Lagos — Innovation Norway has announced granting Morrow Batteries ASA (“Morrow”) a loan facility of NOK 1.5 billion. The loan facility will be available for Morrow to fund the scale-up and development of battery manufacturing in Norway.
The loan facility contributes to the realisation of the government’s battery strategy and provides Morrow access to liquidity for its business plan.
Morrow’s main priority is starting up the first 1 GWh LFP battery factory in Q2 2025, working to secure more offtake, and developing the company’s proprietary battery chemistry.
“In the current capital market, with many green initiatives facing strong headwinds, I see this loan facility as validation of Morrow’s business plan and step-by-step industrial approach. It enables us to start giga-scale production of batteries in Arendal, playing a crucial role in the development of a Norwegian battery value chain,” says Morrow Batteries CEO Lars Christian Bacher.
