Morrow Batteries

11. August 2022

Solution provider

PKA is a non-profit labor market pension fund based in Denmark. We manage the pensions of 350,000 members employed primarily in the social service and health care sectors

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Challenge

PKA has invested EURO 13,5 million to support the Norwegian producer of sustainable batteries, Morrow. This investment is part of PKA’s ambition to increase the pension fund’s presence in innovative companies contributing to new technology in the green transformation field.

A significant part of the world’s CO₂ emissions come from petrol and diesel vehicles. Among other initiatives, there is a need to convert the powering of cars to greener alternatives. Several policy decisions have already been made, for example within the EU, which will increase the demand for batteries produced in a more environmentally friendly way.

Solution

Morrow’s ambition is to develop and produce the world’s most cost-effective and sustainable battery cells. This would enable and accelerate the transition towards more green energy through the production of sustainable batteries.

With PKA’s investment of EURO 13,5 million and additional investments from other partners, Morrow will build an innovation center in the Norwegian city of Grimstad and a Morrow Giga Factory in Arendal.

The Norwegian entrepreneur has already partnered up with technology leaders such as Haldor Topsøe, Siemens, ABB, and Elkem.

Result

From the fourth quarter of 2024, the Morrow Giga Factory will yield an annual battery supply for 700,000 electric cars as well as employ more than 2,500 employees.