Morrow Batteries (Morrow) and POSCO Chemical have signed a Memorandum of Understanding (MoU) for the development and qualification of large-scale supply of battery materials to Morrow Batteries’ lithium-ion battery cell facility to be built in the Eyde Energy Park, Arendal, Southern Norway. 

 

As part of the agreement, POSCO Chemical and Morrow will jointly develop tailored, high-end electrode materials suited for applications in Morrow lithium-ion cells, including both cathode active materials and anode materials. The joint development will aim to exploit the synergies of both companies’ innovative product design, to enhance performance and safety of Li-Ion battery cells. The collaboration is intended to result in a long-term, volume supply agreement for battery materials of Morrow’s battery cells that target significant growth markets including automotive and ESS. The agreement is non-binding, and non-exclusive.

 

“We will lead the European electric vehicle market by combining Morrow's innovative battery manufacturing technology and POSCO Chemical's leading material technology. And We will supply the best technology solution to our customers based on our cooperation”, states Kyoung-Zoon Min, CEO of POSCO Chemical.

 

“Our ambition is to produce among the most cost-effective and most sustainable batteries in the world. Partnering with suppliers with an excellent battery industry track record like POSCO Chemical, is the base for securing quality and quantity battery material supply for our cell production in Norway", states Terje Andersen, CEO of Morrow Batteries.

 

After having concluded successfully the first funding round recently, Morrow will begin soon the construction of its Battery Innovation Centre in Grimstad, and its Pilot Cell Factory (PCF) in Arendal, Southern Norway. With these facilities, Morrow will industrialize its lithium-ion battery products whose current development process is on track. Solid and innovative material and process engineering with leading partners in its segment, like POSCO, prepare Morrow for its planned giga-factory scaling. This coupled with proximity to European volume markets are the foundations of a sustainable value creation.