Lagos — Innovation Norway has announced that they will provide 75 MNOK in public grants to Morrow Batteries (Morrow) in addition to a loan of 150 MNOK.
The funding will strengthen the industrial scale-up in the race to build up the European battery value chain.
The announced financing enables the company to build the Morrow Industrialization Center, the first phase of the full-scale production of 43GWh sustainable battery cells.
Innovation Norway says the decision builds on a firm conviction that Morrow Batteries will succeed in industrializing battery cell production.
Europe must rapidly scale the deployment of intermittent renewable energy, such as solar and wind, to decarbonize energy systems and reduce fossil fuel dependence. The funding is in line with our national battery strategy, supporting the development of Norwegian battery technology and an efficient and profitable battery value chain in Norway and beyond, says Håkon Haugli, CEO of Innovation Norway.
Climate change and aggressive zero-emission targets is driving the green transition towards renewable energy sources, future-proof energy storage systems and the electrification of vehicles. This is the forceful movement behind the growing battery industry.
Sustainable batteries are the key enabler to make the green transition at scale and make our energy systems more resilient in Europe. Morrow responds to a clear ambition of creating a battery manufacturing industry in Europe. The financial support from Innovation Norway provides some risk relief in a highly competitive market, supporting our ambition to become a technology frontrunner, says the interim CEO of Morrow, Håkon Tanem.
Innovation Norway’s board of directors made the final decision in their meeting on Thursday, October 20th. The Morrow Industrialization Center will receive 50 MNOK in public funds and a loan of 150 MNOK. The parent company, Morrow Batteries, receives 25 MNOK in public funds.
The financial support will help finance the Morrow Industrialization Center, encompassing the research in our pilot factory, and our cell development line, says Kristine Lunde-Fuglestad, Public Fund Manager at Morrow.
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