Morrow in a €100 million equity deak backed by ABB and Siemens Financial Services.

Morrow, an Oslo, Norway-based startup building a factory for producing battery cells, raised €100 million ($105M) in an equity investment round.

The money was raised from investors led by Siemens Financial Services and ABB. The round included contributions from Nysnø Climate Investments, Arendals Fossekompani. the Danish pension fund  PKA, NOAH AS and Agder Energi Venture.

The capital raise primarily finances equipment for the first factory.

Morrow, founded in 2020 and led by CEO Terje Andersen, aims to develop and manufacture the world's most cost-effective and sustainable battery cells. Based in Southern Norway, Morrow is currently in the process of establishing a factory that can produce 42 GWh battery cells every year. It uses 100 percent renewable hydropower to manufacture batteries with the lowest possible CO2 emissions.

Morrow plans to operate the first phase battery cell factory in Arendal ultimo 2023. This will be the first commercial battery cell production facility in Norway. From day one it will be fueled by renewable energy and manufacture some of the most sustainable batteries in the world. The first phase of the factory will have the capacity to manufacture more than 1 GWh battery cells per year. When all phases of development are completed in 2028, the Morrow Gigafactory in Arendal will have an annual production capacity of 43GWh battery cells.

Morrow previously raised $25 million in 2021.