Morrow Batteries and POSCO Chemical sign agreement for supply of battery materials

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.

About POSCO Chemicals

POSCO Chemical is a global chemical and energy materials company established in 1971 and operates businesses such as battery materials, advanced chemical materials and basic industrial materials.

In particular, in the battery material business, POSCO Chemical produces cathode and anode materials, which are key materials for batteries. POSCO Chemical is building a global battery material mass production base in the U.S., China and Europe, including Korea, and plans to have a production capacity of 400,000 tons of cathode materials and 270,000 tons of anode materials at the global top tier by 2030.POSCO Chemical has technological competitiveness in developing materials for high-nickel cathode materials and high-quality anode materials for next-generation electric vehicle batteries, and has stably secured raw materials for batteries such as lithium, nickel, and right to mine graphite with POSCO Group.

About Morrow Batteries

Morrow’s ambition is to develop and manufacture the world’s most cost-effective and most sustainable battery cells. The company’s vision is to enable and accelerate the green energy transition through smart cell chemistries, and energy saving cell production processes. (Based in the southern parts of Norway,) Morrow will establish its 42 GWh Giga-factory which utilizes 100% renewable hydroelectric power to manufacture batteries with the lowest possible CO2 footprint in world.

Morrow Batteries was founded in 2020 by strong, committed owners and the company’s Management. Leading investors are Agder Energi Venture, a wholly owned subsidiary of Agder Energi, NOAH, a wholly owned subsidiary of Gjelsten Holding, and the Danish pension fund PKA.

Contact details

Contact Morrow:

Terje Andersen, CEO, Morrow Batteries

Tel: +47 979 50 707

Email: terje.andersen@morrowbatteries.com

Contact POSCO Chemicals:

Hugo Bae, PR Group Leader, POSCO Chemical

Tel: +82 2 3457 4564

Email: hbae@poscochemical.com