ABB, Siemens boost Norwegian battery start-up in €100M funding round - FT

ABB, Siemens boost Norwegian battery start-up in €100M funding round

May 23, 2022 by Seeking Alpha

Key Facts

  • MF3d/E+ via Getty Images ABB (NYSE:ABB) and Siemens (OTCPK:SIEGY) are leading a €100M fundraising round by Norway-based Morrow Batteries, which aims to begin battery production by the end of next year, Financial Times reported over the weekend.
  • Morrow plans to use its funding to build a 1.2 GW pilot factory in Norway by the end of next year, which would produce batteries used in energy storage systems such as those used for rooftop solar panels, according to FT.
  • CEO Terje Andersen said the initial production would allow the company to obtain certification for producing electric vehicle batteries, which would ultimately become its main market.
  • ABB (ABB) recently reported stronger than expected Q1 earnings and a big jump in orders.

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