Breakthrough for Nordic Battery Initiative

The man who led the development of the first giga-factory for the world´s leading EV supplier, partners with Elinor Batteries. The partnership with Morlus Technology accelerates the development of Elinor’s battery manufacturing base in Orkland, Norway.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20240828783500/en/

Elinor Batteries in Central Norway enters a collaboration with Chinese battery company Morlus Technology. The partnership grants Elinor access to cutting-edge battery technology and world-leading expertise in factory construction and entails that Elinor will have batteries for commercial sale in the European market by the spring of 2025.

“We are honored that world-leading battery technologists have chosen to collaborate with us. This level of expertise does not currently exist in Europe, and it is crucial for our plans to establish a battery value chain in the Nordic region,” says Arne Fredrik Lånke, CEO of Elinor Batteries.

Leading expertise

The founder of Morlus, Shen Xi, has been a driving force of innovation and technology in the battery industry for over 20 years. His merits include leading battery design, factory design and construction for BYD, the world’s largest electric vehicle supplier and a top tier battery company. At BYD, Mr. Shen led the design and construction of the first battery manufacturing base in China with a capacity above 10 GWh and the design of the first LFP-battery for xEVs.

At Morlus, Mr. Shen has built a world class team that sets the company in the very forefront of lithium battery technology development. The agreement between Morlus and Elinor covers product development, production, and factory construction.

Investment Decision in 2025

Elinor Batteries aims to launch products for order as early as this fall. Together, Elinor Batteries and Morlus have set a goal of achieving a market-leading position in Europe.

The agreement will accelerate the plans for building the gigafactory for battery production in Orkland, with an investment decision targeted for 2025.

Exceptional timing

Renewable energy investor Lars Helge Helvig owns the investment company Valinor, the majority owner of Elinor. Helvig believes that the timing is exceptional for investing in batteries from Norway.

“The battery market is booming, and Europe is striving to become self-sufficient in batteries. According to the IEA, new energy storage is crucial for 60% of the emission reductions needed in the energy sector by 2030. Batteries are now the world’s fastest-growing energy technology,” Helvig explains.

Global footprint

For Morlus, the collaboration with Elinor Batteries represents an opportunity to grow its global footprint.

“Norway is the country with the highest proportion of renewable energy globally, and it has a strong industrial foundation. Both will enable us to produce a green and low-carbon battery, which is unique,” says Shen Xi.

“The Elinor team has demonstrated exceptional professionalism, efficiency, and immense passion for the work they will undertake. Coupled with their investor Valinor’s rich experience in the renewable energy sector, this gives us strong confidence in our future collaboration.”

About Elinor Batteries

Elinor, founded by Valinor, is a Norwegian battery production company offering competitive and sustainable batteries for the BESS market. The company is headquartered in Trondheim and plans to establish a gigafactory in the Eiktyr giga-site and industrial park in Orkland municipality.

About Jiangsu Morlus Technology Company Limited

Morlus has developed a range of industry-leading battery products and built significant capacity in battery research, development, and production. Among its largest shareholders, in addition to founders and employees, are Gongniu Electrics/Bull Electrics, Zhengxuan Investment, and China-Singapore Suzhou Industrial Park Development Group. The company holds more than 70 patents, with factories located in Nantong and its development center in Shenzhen.

View source version on businesswire.com: https://www.businesswire.com/news/home/20240828783500/en/