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Norway grants battery start-up Morrow $134 million loan facility

Norway has given startup Morrow Batteries a loan facility of 1.5 billion crowns ($ 134 million), government firm Innovation Norway stated on Tuesday.

The Norwegian business opened the Nordic country's first battery cell plant in August and has stated it prepares to broaden production step by action.

The loan center will be readily available for Morrow to money the scale-up and advancement of battery manufacturing in Norway, Innovation Norway stated in a statement.

The country wishes to enter the battery cell production market, intending to gain from access to green power and distance to European clients keen to source batteries away from China.

Innovation Norway said the loan center added to the realisation of the government's battery strategy.

Established in 2020, Morrow will initially use existing lithium iron phosphate (LFP) innovation. Its plant in Arendal, southern Norway, is Europe's first gigawatt LFP factory.

Morrow's primary top priority is starting up the very first 1 GWh LFP battery factory in the 2nd quarter of 2025, working to secure more offtake, and establishing the company's proprietary battery chemistry, the authority said.

Morrow has a delivery arrangement for 5.5 gigawatt hours (GWh). over 7 years with Nordic Batteries, which constructs customised. storage solutions.

Early financiers in Morrow consist of local utility A Energi,. engineering companies ABB and Siemens, Danish pension funds PKA and. Norwegian state-owned green financial investment company Nysnoe.

Morrow Batteries did not immediately respond to a demand. for comment.

(source: Reuters)