ELINOR-BATTERIES
The green investment company Valinor has established Elinor Batteries, a gigafactory for sustainable battery production in Orkland, Mid-Norway. The factory will be the first industrial initiative to be hosted by the green industrial site Eiktyr, which will be the largest of its kind in Norway, with an area of 6 square kilometers.
This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20230111005614/en/
Terje Andersen - Foto Geir Morgen (Photo: Business Wire)
Preparation and construction of the first phase of Elinor Batteries will commence as early as next year, with the first production set in Q2, 2026.
"Battery production on a large scale is essential to succeed with the energy transition," says Lars Helge Helvig, chairman of the Valinor board.
Elinor Batteries is a direct response to the Norwegian government's strategy for developing a complete value chain for battery production in Norway, published this summer.
Valinor has hired Terje Andersen as the CEO of Elinor Batteries. He brings valuable experience from his former position as head of Morrow Batteries, also located in Norway.
As the world moves towards massive electrification, the demand for sustainably produced batteries increases rapidly day by day.
"There are no other places in the world more suitable for producing sustainable batteries than Central Norway," says Andersen.
The area has vast access to Europe's cheapest renewable power. In addition, the tech capital of Trondheim is located only 30 minutes away, providing access to leading R&D resources and a substantial labour market.
Elinor Batteries' products will be based on LFP technology and will not depend on nickel and cobalt.
The gigafactory will be developed in modules to limit financial and technological risks. The first module can start production as early as 2026, with estimated investments of about EUR 1 billion. Three modules are planned towards 2030, and Valinor has funded the project's initial phase. A funding round will take place later in 2023.
Elinor is initially targeting the market for stationary storage of electric energy for buildings, industry and charging stations for electric transportation and marine applications.
Elinor sees potential for creating several thousand jobs in the region when the factory reaches full-scale production.
To view this piece of content from cts.businesswire.com, please give your consent at the top of this page.
View source version on businesswire.com: https://www.businesswire.com/news/home/20230111005614/en/
About Business Wire
Subscribe to releases from Business Wire
Subscribe to all the latest releases from Business Wire by registering your e-mail address below. You can unsubscribe at any time.
Latest releases from Business Wire
C5 Capital Partners with Ukraine’s Brave1 Accelerator to Advance Ukraine’s Defense Innovation4.10.2024 17:46:00 CEST | Press release
C5 Capital, a specialist venture capital firm based in Washington DC and London announces a strategic partnership with Brave1, Ukraine’s premier defense technology accelerator. This collaboration will support Ukraine’s innovative tech startups, accelerating the development and application of critical technologies for the defense of Ukraine against Russian aggression. Brave1 leads Ukraine’s defense innovation ecosystem. Since its launch, the accelerator has evaluated more than 2,600 cutting-edge defense-focused innovations. This remarkable achievement has established Ukraine as emerging global leader in defense technology and innovation. C5 Capital’s partnership will provide investment capital and strategic expertise needed to help Ukrainian founders grow and scale their defense startups, whose innovations are already being tested and deployed in battlefield conditions. “C5 Capital’s strategic partnership with Brave1 is focused on empowering Ukraine’s courageous founders, who are buildi
TXOne Networks Expands Edge Series of OT-Native Network Security Appliances4.10.2024 10:49:00 CEST | Press release
The product family is supercharged with new models and a powerful firmware upgrade. TXOne Networks, a leader in Cyber-Physical Systems (CPS) security, today announced Version 2.1 of its Edge series of networking security appliances. designed to protect industrial processes and infrastructure without disrupting operations. This update enhances network resilience and adaptability across a wider range of industrial verticals. “Our Edge series is specifically engineered for the complexities of OT networks, where traditional IT cybersecurity solutions fall short,” said Dr. Terence Liu, CEO of TXOne Networks. “With version 2.1, we’ve elevated the Edge product line to address the unique challenges faced by OT environments—where disruption isn’t an option. This release underscores our commitment to delivering robust, adaptable security that not only meets current demands but anticipates the evolving needs of industrial operations.” TXOne Networks collaborates with manufacturers and critical in
WELOCK and ApartX Ink Key China-Kazakhstan Digital Trade Agreement at Global Digital Trade Expo4.10.2024 03:54:00 CEST | Press release
Signing Ceremony of China-Kazakhstan Digital Trade Key Project by WELOCK and ApartX in Global Digital Trade Expo On September 25th, the 3rd Global Digital Trade Expo “Digital Trade Night” was held in Hangzhou. The event highlighted important digital trade projects between China and Kazakhstan, injecting constant momentum into economic and trade cooperation between the two sides. During the event, the much-anticipated signing ceremony for the “China-Kazakhstan Digital Trade Key Project” was officially launched. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20241003595967/en/ (Photo: Business Wire) Important witnesses of the signing ceremony included: Zhaslan Madiyev (Minister) Ministry of Digital Development, Innovations and Aerospace Industry of the Republic of Kazakhstan Yao Gaoyuan Mayor of Hangzhou Avazhan Mukanova (Director of the Department of International Cooperation) Ministry of Digital Development, Innovations and Ae
Wrth: The Royal Institute of Traditional Arts Captivates Greece with the Intricate 'Al-Qatt Al-Asiri’ Art3.10.2024 18:01:00 CEST | Press release
Saudi traditional arts are set to reach new global audiences as the Royal Institute of Traditional Arts (Wrth) participates in the Saudi Cultural Week in Greece from September 27 to October 1. The event, titled “The Heritage of Two Cultures," explores Saudi heritage through the lens of "Al-Qatt Al-Asiri" art. Wrth offers a series of interactive workshops, including a highlight on the creation of natural dyes and gypsum carving arts with workshops and hands-on community artworks. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20241003645976/en/ Wrth: The Royal Institute of Traditional Arts Captivates Greece with the Intricate 'Al-Qatt Al-Asiri’ Art (Photo: AETOSWire) As part of Culture Week, five talented Saudi artists lead interactive workshops showcasing the art of gypsum carving with traditional ‘Asiri’ patterns. This unique art form gained international recognition after being inscribed on UNESCO's Intangible Cultural Herit
Experience the Future of Smarter AI for All at Lenovo’s Tenth Annual Global Tech World Event3.10.2024 15:40:00 CEST | Press release
The flagship event showcases Lenovo’s comprehensive portfolio of AI solutions, services, and devices with featured sessions from global leaders at Lenovo, AMD, Intel, Microsoft, NVIDIA, and more On October 15, 2024, Lenovo will host its annual global innovation event, Tech World, in Bellevue, Washington. This marks the 10th consecutive year of the event and reflects a decade of innovation and transformation from the company. This year’s event will explore how Lenovo is delivering on the promise of artificial intelligence (AI) with end-to-end solutions fueling its mission of Smarter AI for All. Technology featured will include ground-breaking AI for Good projects, hybrid AI to empower both individuals and enterprises, and proven ways to fast-track and deploy generative AI. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20241003339216/en/ What's next for AI? Join us October 15, 2024 at #LenovoTechWorld to hear top industry leade
In our pressroom you can read all our latest releases, find our press contacts, images, documents and other relevant information about us.
Visit our pressroom