Morrow Batteries has signed a multi-year supply agreement for anode materials with Echion Technologies. Morrow also receives the option to secure additional capacity over the next five years.
Echion will initially supply up to 150 tonnes of its XNO anode materials to the Norwegian company under the current supply agreement. Echion Technologies’ material is intended to support Morrow’s LNMO-X core technology.
Working with the UK-based battery materials developer, Morrow CTO Rahul Fotedar sees the key to scaling his company’s battery product. “We are receiving great customer interest for the prismatic LNMO-XNO product, including ongoing joint development activities with one of the global giants in the field of industry and transportation,” he explains. “The technology’s ability to deliver competitive energy density at blistering charging speeds and long cycle life has the potential to unlock new application areas.”
Recently, Morrow Batteries had already entered into a memorandum of understanding with IBU-Tec Advanced Materials to supply LFP cathode material for a pilot plant of up to 200 tonnes annually. The company, founded in 2020, is currently building a battery cell factory in southern Norway. Originally announced with a total capacity of 32 GWh, the factory will be larger than was planned last year: according to the new announcement, the factory will offer a capacity of 43 GWh by the end of 2028. Operations are scheduled to start in 2023, with mass production of the first-generation product portfolio planned for 2024.
Among investors, the company’s plans seem to be convincing. During the latest investment round, Morrow raised €100 million, which will finance the first phase of the company’s factory. The round was led by Siemens Financial Services and ABB. Current shareholders, the Danish pension fund PKA, NOAH AS and Agder Energi Invest, also participated.
“Bringing in long term, solid and competent capital from some of the leading industrial companies in Europe with a global reach will be of great value on our path to manufacture the most sustainable and cost-effective batteries,” says Terje Andersen, CEO of Morrow. “Together with the backing from the Norwegian state owned Nysnø Climate Investments, this brings us into the top tier of battery manufacturers in Europe.”
morrowbatteries.com (Echion), morrowbatteries.com (financing)