New battery factory in Norway to power 700.000 cars yearly.
Agder Energi, the public energy company supplying the southernmost part of Norway, and investor Bjørn Rune Gjelsten has entered into an agreement to build a battery factory in at Arendal, Norway. The plant aims to produce batteries for 700.000 cars yearly.
As the factory aims at producing cobalt free batteries, says CEO of Morrow Batteries who is to complete the factory before 2026. Due to this ambition, the government agency Innovation Norway as put MNOK 25, appr. MEUR 2.5, into the company to contribute to supplying batteries built with sustainable materials.
Morrow Batteries is not the only player entering the market; the company Freyr intends to start construction of their battery factory in 2023. Elkem-backed Northern Recharge plans to supply critical components to batteries, now being predominantly supplied by China in their new factory at the old industrial area Herøya outside Porsgrunn in Norway.
The common denominator for all the planned ventures is the intention to utilize the supply of almost 100% hydro power in the Norwegian market to ensure a minimal CO2 footprint, says chairman of the board of Ewave Holding AS, Jarle Lysberg. - Clean power is increasingly becoming a competitive advantage for Norwegian companies.