Morrow in a NOK 230 million funding round led by the Danish pension fund PKA.

Morrow, an Oslo, Norway-based startup building a factory for producing battery cells, announced that it raised funds totalling NOK 230 million ($25.7M).

The money was raised from investors led by the Danish pension fund PKA and joined by existing shareholders NOAH AS and Agder Energi Venture. The Arendal municipality also contributed with NOK 10 million. In addition, Morrow has submitted grant applications to Norwegian grant authorities with a combined value equivalent to the private placement. Following the private placement, Morrow is valued at NOK 1.5 billion ($170M).

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.

The factory will be operational from the fourth quarter of 2024. To accelerate development and ensure the quality of products for important market segments, Morrow is building an industrialization center that supports the company's vision of making cost-effective and sustainable batteries. With these facilities, Morrow and the company's partners establish the "Battery Coast" - and a comprehensive ecosystem built around the value chain for batteries.