Funding and M&A Roundup: Morrow Batteries Raises ~$74 Million in Funding

Battery maker LG Energy Solution raises $1 billion in green bonds

September 27, 2023


From: Mercom Capital Group

Morrow Batteries, a Norwegian battery manufacturer, announced that it is raising up to EUR 70 million (~$74 million) in new capital from its existing shareholders. The funding is expected to support the company’s next-generation battery developments and bring it closer to commercial production. The capital will be raised in two tranches, with the first approved by the company’s extraordinary general meeting on September 22. The second tranche will be proposed for approval later this year. The funds will mainly be used to finance the construction and development of the Morrow Industrialization Center on the Battery Coast of Southern Norway.

Battery manufacturer LG Energy Solution has raised $1 billion through its inaugural global green bonds. The funds raised will be used to expedite investments in the company’s global battery production network. The bond issuance consists of a three-year bond worth $400 million and a five-year bond valued at $600 million. The three-year bond attracted orders from 114 institutional investors, while the five-year bond saw interest from 186 investors, resulting in a total order volume five times greater than the bond issuance size.

Yotta Energy, a lithium ion-based energy storage solutions provider, secured $8 million in a funding round led by Evergy Ventures and with participation from strategic investors BlueScope and Cricetus Felix Ventures and existing investors Copec WIND Ventures, EDP Ventures, Doral Tech Ventures, and the SWAN Impact Fund. The funding is expected to help the company scale up manufacturing and accelerate the deployment of its SolarLEAF battery technology.

Openvolt, a provider of software solutions for energy data, secured €1.5 million (~$1.6 million) in a pre-seed round led by Berlin-based early-stage investor Cavalry Ventures, with participation from climate investor Übermorgen Ventures. The company is developing a smart meter API (Application Programming Interface) to unlock the data to plan and manage electrified assets. The funding round will enable Openvolt to accelerate the development of its API.

For reports and trackers on funding and M&A transactions in solar, energy storage, and smart grid sectors, click here.

Read last week’s funding roundup.