Morrow Batteries of Norway and its 2 subsidiaries have entered bankruptcy proceedings
The company blames intense global competition in a capital-intensive industry, oversupply, and financing difficulties for its financial troubles
Its recent supply and defense-sector agreements were not enough to improve liquidity and secure new investment within the stipulated timeframe, it adds
Morrow Batteries ASA, the European lithium-ion phosphate (LFP) battery cell manufacturer, has filed for bankruptcy, announced the company’s Co-Founder and Interim CEO Jon Fold von Bülow.
Bankruptcy proceedings have been initiated for its subsidiaries, Morrow Technologies AS and Morrow Industrialization Center AS, as well.
Headquartered in Norway’s Arendal, Morrow produces LFP and high-voltage Lithium Nickel Manganese Oxide (LNMO-X) batteries for energy storage and electric vehicles (EVs). Å Energi, Siemens Financial Services, ABB, Maj Invest, Nysnø, and Noah are among its equity shareholders. It is also the recipient of Innovation Norway loans.
Morrow Industries says the decision to file for insolvency proceedings follows its deteriorating financial situation owing to the capital-intensive nature of battery industrialization. Globally, the battery market has become more competitive with oversupply, leading to price pressure.
Additionally, increased capital costs, delays in the industrialization process, and a more restrained investment market made it more difficult for the company to secure financing.
In recent months, things were looking up for Morrow Batteries, aligned with the company’s ‘partnership-first’ strategy to forge industrial alliances to safeguard liquidity and enable value creation. It recently secured a long-term master supply agreement with Finland’s Proventia Oy, along with a commercial agreement in the defense industry with a German company, but these contracts haven’t helped its liquidity situation.
The company was unable to secure a new industrial investor and financing within the liquidity available to the group, hence the decision.
Morrow Batteries planned to establish a gigafactory with the capacity to manufacture 43 GWh battery cells annually, encompassing 1 GWh Morrow Cell Factory, followed by 3 giga modules of 14 GWh each. In August 2024, Norwegian Prime Minister Jonas Gahr Støre inaugurated the company’s 1 GWh gigafactory, Europe’s ‘1st’ LFP battery gigafactory.
“Developments in the global battery market, combined with the capital requirements inherent in an early industrialization phase, have made this journey far more challenging than anticipated,” shared Chair of the Board of Morrow Batteries ASA, Ann Christin Andersen. “We have worked intensively to find a sustainable solution but have not succeeded in securing sufficient financing within the timeframe available.”
Despite the insolvency filing, the company stated that it believes its technology and assets still hold significant long-term value. It added that growing battery demand across multiple applications could allow the business to be further developed under new ownership and suitable conditions into a viable industrial contributor.
Previously, Swedish EV battery maker Northvolt had also filed for bankruptcy in March 2025 following a Chapter 11 financial restructuring in the US. Its assets were later acquired by America’s Lyten, including all remaining Northvolt intellectual property, 16 GWh of operational battery manufacturing capacity, 6 GWh of advanced BESS capacity, and 15 GWh of capacity under construction.
Financial woes, driven by insufficient state support and intense competition from Chinese suppliers that operate at economies of scale, have also been impacting the European solar PV industry. Several companies in this industry have also been forced to declare bankruptcy (see German Installer Sungrade Photovoltaik Files For Insolvency).