Morrow Batteries AS NOK 230 million Private Placement

Arctic acted as Joint Lead Manager and Financial Advisor in the NOK 230 million Private Placement in Morrow Batteries AS.

Morrow Batteries is a Norwegian battery cell developer and producer located in Arendal. The Company is looking to build a 40GW Gigafactory at Eyde Energy Park and has secured a strong team of industry leading experts to join the Company. The initial stage of the project will involve setting up an Industrialization Center in Arendal that will develop and test battery cell technologies before initiating full scale commercial production in a Gigafactory.

The net proceeds of the private placement will be used to continue the development of the Gigafactory project at Eyde Energy Park, partly finance the construction of the Industrialization Center and for general corporate purposes.

We are grateful for the vote of confidence and congratulate on the successful transaction.

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