June 12, 2025

Norway-based Morrow Batteries seeks additional capital amidst uncertainty in battery sector

Finansavisen
Based in Norway, Morrow Batteries is a growth-stage company focused on battery production, aiming to establish a strong foothold in the European market. The company has completed a production line and is currently testing battery cells with customers, with plans to scale operations once production is proven. Morrow is strategically positioned to capitalize on the increasing demand for locally produced batteries in Europe, amidst geopolitical uncertainties and supply chain diversification efforts. Morrow Batteries is seeking additional capital to ensure full financing by the first half of 2026, as indicated in their 2024 annual report. Despite securing a NOK 1.5bn loan package from Innovasjon Norge, the company faces significant uncertainty regarding its ability to continue operations without further investment. The company is exploring options to either draw more from the existing loan or raise additional equity. The challenging market conditions, characterized by high capital requirem
Transaction announcement
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