Elinor Batteries will establish battery production based on well-known technology in Eiktyr industrial park in Orkland, central Norway. The location has very good access to clean renewable energy, which is cheaper than southern Norway, and not least the rest of Europe.

Elinor Batteries will be located only 40 kilometers from Trondheim city and will thus have proximity to world-class technology hubs, as well as a large and competent labor market. The development of Elinor Batteries will be led by Terje Andersen, who has extensive international senior management experience, and led the development of the battery company Morrow in Arendal. With Andersen, Elinor Batteries and the owners have secured unique expertise and experience in developing the value chain for battery production in Norway.

Elinor Batteries will initially be based on well-known technology that does not contain cobalt or nickel. This will be a major environmental advantage compared to the technology that dominates the market as of today. The batteries will be particularly suitable for stationary storage in power grids, homes, commercial buildings, industry and charging infrastructure, because the batteries have a longer life and are cheaper to produce. The ambition is 3-4 factory modules that will deliver 40 gigawatt-hours of battery annually. To put this in perspective, this corresponds to a production capacity of between 700,000 and 800,000 electric car batteries. The first construction phase, which is to be completed in 2026, requires investments of around EUR 1 billion. The development will take place over three construction stages until 2030, with total investments of around EUR 3 billion when the factory is fully scaled.

Increased electrification of our society requires large batteries that reinforce the power grids where the capacity is too low and to smooth out price and demand fluctuations. Elinor Batteries is working to establish large scale battery production, which is essential for us to succeed with the green shift.

– Valinor