ABB - ABB Siemens boost Norwegian battery start-up in Euro100M funding round - FT

ABB (NYSE:ABB) and Siemens (OTCPK:SIEGY) are leading a €100M fundraising round by Norway-based Morrow Batteries, which aims to begin battery production by the end of next year, Financial Times reported over the weekend. Morrow plans to use its funding to build a 1.2 GW pilot factory in Norway by the end of next year, which would produce batteries used in energy storage systems such as those used for rooftop solar panels, according to FT. CEO Terje Andersen said the initial production would allow the company to obtain certification for producing electric vehicle batteries, which would ultimately become its main market. ABB (ABB) recently reported stronger than expected Q1 earnings and a big jump in orders.

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ABB, Siemens boost Norwegian battery start-up in €100M funding round - FT