Norway’s Morrow Batteries AS is facing an existential crisis as it awaits approval of government funds vital to attracting investors in an industry scarred by the collapse of Swedish startup Northvolt AB.
Morrow, which earlier this year opened the doors to its first lithium-iron phosphate battery factory in southern Norway, is in urgent need of clarification on 1.5 billion kroner ($135 million) in government funding, according to Chief Executive Officer Lars Christian Bacher. While the company has succeeded in producing early stage components, the bankruptcy of much-larger peer Northvolt last week has muddied the outlook for European battery makers in the face of Chinese dominance.
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Publish date : 2024-11-27 04:57:00
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