January 12, 2023: Inexperienced funding firm Valinor mentioned on January 11 that it launched Elinor Batteries as Norway’s latest gigafactory developer, with plans to start out producing batteries from 2026. has an preliminary funding of round €1 billion ($1 billion).
Terje Andersen (pictured) has been appointed as CEO of Elinor – seven months after he resigned as CEO of Norwegian peer Morrow Batteries, the corporate he based in 2020.
Elinor plans to make use of lithium iron phosphate batteries and goal the stagnant power storage marketplace for buildings, industrial use and charging stations for electrical transport and marine purposes.
The brand new batteries are planning a staged manufacturing launch at its industrial website close to Trondheim, central Norway, with three manufacturing modules deliberate till 2030.
Valinor mentioned it funded the preliminary spherical whereas a further spherical of funding might be held later this 12 months. Web site preparation and development will start as quickly as 2024.
Norway has change into a batteries hotspot for builders together with Morrow, which mentioned on October 24 that it had secured NOK225 million ($22 million) in grants and a mortgage from Innovation Norway to advance its plans. which can launch the manufacturing of battery cells within the nation.
In the meantime, Freyr Battery is growing its ‘Giga Arctic’ plant within the nation, along with initiatives overseas.
Photograph: Geir Morgen/Enterprise Wire