LFP battery system project financing options in Norway 2025


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Morrow Batteries prioritises production, research, and sales

Morrow Batteries ("Morrow") is implementing strategic measures to secure start-up of production of commercial LFP batteries, deliver additional sales contracts, and advance

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Morrow given $130 million loan to scale up LFP

Norway''s Morrow Batteries said it received a loan of Nkr1.5 billion ($130 million) from government agency Innovation Norway for scaling up and developing its LFP battery manufacturing in Norway.

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6 FAQs about [LFP battery system project financing options in Norway 2025]

When will LFP battery production start in Norway?

The company has adjusted its schedule for starting LFP battery production to Q3 2025, involving an additional investment of NOK 100 million. Innovation Norway has provided substantial support with a NOK 1.5 billion loan facility to advance the company’s manufacturing capabilities.

When will Morrow batteries start producing LFP batteries?

In early 2024, Morrow Batteries announced significant developments in their production timeline. The company has adjusted its schedule for starting LFP battery production to Q3 2025, involving an additional investment of NOK 100 million.

What is the future of LFP batteries?

According to a report by market research firm TrendForce, LFP batteries are expected to account for more than 60 percent of the global power battery market installed base by 2024 due to their cost-performance advantage.

Where are LFP batteries made?

Headquarters: Arendal, Norway Leadership: Chairperson Liv Monica Stubholt; CEO Lars Christian Bacher Facilities Morrow Cell Factory (MCF): Europe’s first gigafactory for LFP (Lithium Iron Phosphate) batteries located in Arendal Morrow Research Centre (MRC): Located in Grimstad Sales Offices: Norway and Germany

What are LFP batteries?

Their LFP batteries offer advantages in cleaner sourcing, reduced costs, and extended cycle life, making them suitable for energy storage systems and other applications. The company’s LNMO technology represents a significant advancement, replacing cobalt with manganese to create more sustainable and affordable batteries.

What are Morrow batteries doing now?

Morrow Batteries (“Morrow”) is implementing strategic measures to secure start-up of production of commercial LFP batteries, deliver additional sales contracts, and advance its proprietary battery technology at its research centre in Grimstad. Other projects will be postponed to concentrate on core activities that drive immediate value creation.

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