January 13, 2025: Norway’s Morrow Batteries has secured a loan facility equivalent to more than $13 million to help scale-up its battery manufacturing plans in the country.

The NOK1.5 billion facility from Innovation Norway, announced on December 17, boosts Morrow’s business plan for starting up its first 1GWh LFP battery factory in Arendal in the second quarter of this year.

Morrow CEO Lars Christian Bacher said: “In the current capital market, with many green initiatives facing strong headwinds, I see this facility as validation of Morrow’s business plan and step-by-step industrial approach.”

The company has benefited from a range of investments, grants and loans to date in support of its battery manufacturing development plans. As of last month, Morrow said it had already allocated a total of nearly NOK 509 million of grants.

Batteries International reported last September that Morrow and Finnish tech company Proventia had outlined plans to develop LFP cell battery packs for heavy-duty machinery.

The partners signed a letter of intent that laid out a timeline for signing a final agreement, with pilot systems to be supplied to customers during 2025, and serial deliveries starting in 2026.