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Morrow Batteries, a Norwegian battery cells manufacturer, announced that it is raising up to €70 million (~$74.09 million) through a private placement. The funding will support the company’s development of next-generation batteries and bring it closer to commercial production.

“Responding to Norway’s battery strategy, we continue pursuing private and public funding. Solid and committed owners are essential for our growth – especially in a challenging capital market. We are grateful to our owners and their commitment to our business strategy and organization to produce world-class, sustainable batteries at scale with strong shareholder returns,” says Lars Christian Bacher, CEO of Morrow Batteries.

The capital raise will be done in two tranches, with the first one approved by the company’s extraordinary general meeting on September 22. The second tranche will be proposed for approval later this year. The funds will mainly be used to finance the construction and development of the Morrow Industrialization Center on the Battery Coast of Southern Norway, where the company plans to operate its first GWh cell factory in Arendal by early next year.

All existing shareholders are invited to participate in the capital raise on equal terms. Major shareholders Å Energi, PKA (Maj Invest), Siemens Financial Services, ABB, and Nysnø guaranteed the private placement.

“Norway is well-positioned to remain a leading energy provider after the green energy transition. Thus, Morrow has unique advantages in building a profitable battery company with solid returns, access to clean, renewable power, high industrial expertise, and a world-leading technology environment. However, building a strategic and competitive new industry is capital-intensive and will not succeed without public-private collaboration. The company continues to pursue additional funding from investors and public sources,” says Liv Monica Stubholt, chair of the board of Morrow Batteries.

VC Funding activity for the energy storage sector was up 27% in 1H 2023, with $3.8 billion in 43 deals compared to $3 billion in 48 deals in 1H 2022, according to Mercom’s 1H And Q2 2023 Funding and M&A Report for Storage & Smart Grid.