economy
European battery manufacturer went bankrupt in less than two years, 500 million euros lost
Norwegian Morrow Batteries went bankrupt less than two years after starting production. More than 200 employees are left jobless, and about 500 million euros in investments are at risk.
TL;DR
- Morrow Batteries, a Norwegian company expected to be a major European EV battery producer, has gone bankrupt.
- The company started production in August 2024 and operated for less than two years.
- Inability to find new investors, rising costs, and strong global competition led to financial failure.
- Over 200 employees may lose their jobs.
- At least €500 million in public and private capital was invested, with the company leaving behind approximately €200 million in debt.
- This case is another setback for European battery manufacturers struggling to compete with Asian companies like CATL and BYD.