CLP acted as legal advisor to Morrow Batteries AS in its EUR 100 million private placement with Siemens Financial Services, ABB, Nysnø Klimainvesteringer and Arendals Fossekompani as new investors. Existing shareholders Agder Energi Invest, NOAH and the Danish pension fund PKA also participated in the investment round.
Morrow Batteries’ aim is to manufacture the world’s most cost-effective and sustainable battery cells, and the company is targeting a battery Gigafactory at Eyde Energy Park in Arendal with an annual production capacity of 43 GWh battery cells. This private placement will finance the first phase of the company’s factory with a production capacity of more than 1 GWh battery cells each year, with planned operating start in 2023.
Bringing in some of the leading industrial companies in its shareholder base represents a significant milestone for Morrow Batteries, and secures a strong position for the further development of the company.