Morrow Batteries, a Norwegian company aiming to manufacture the world’s most cost-effective and sustainable battery cells, has signed a joint venture agreement with Siva SF to build the first phase of a gigafactory in Arendal, Norway. Siva, a governmental agency tasked with building national infrastructure and real estate to support innovation, will secure 67% of the required total of 480 million NOK. The construction start is planned for September.
The government launched a Roadmap toward sustainable industry development on June 29, including our very first Battery strategy. The joint venture with Morrow Batteries to build the battery factory in Arendal demonstrates our commitment to green industrialization. This is a big day for the Agder region and Norway, said Jan Christian Vestre, the Norwegian Minister of Trade and Industry, when announcing the deal on September 17.
The agreement was finalized and signed by Håkon Tanem, acting CEO of Morrow, and Andreas Krüger Enge, interim CEO of Siva.
Norway’s first Battery strategy presents ten action points to develop an effective and profitable battery value chain. Siva plays a central role in executing these ambitions with the Norwegian business community.
“Investments supporting innovative and sustainable industries is at the heart of what we do at Siva. Building Battery Factory 1 with Morrow is a project that aligns perfectly with our mission. Battery cell production in Arendal will make way for more sustainable and entrepreneurial businesses in the region and increase exports” says Andreas Kruge Enge.
