Weimar, 2 May 2022 – IBU-tec advanced materials AG (“IBU-tec”, ISIN: DE000A0XYHT5) has concluded a Memorandum of Understanding with the Norwegian battery producer Morrow Batteries on the supply of LFP cathode material for a pilot plant of up to 200 t per year. IBU-tec will supply the first batches of its own IBUvolt battery material for current year testing. During this phase, both companies intend to work together on the development of high-performance batteries for various applications. Long term, we anticipate a rapidly growing business market for a sustainable, European production, battery materials supply chain.
IBU-tec first offered its own LFP battery material in October 2021 and can now fulfill the first major orders. IBU-tec is presently the only manufacturer in Europe producing and supplying LFP battery materials. The company has many years of experience in the development and manufacture of the material, which has a variety of usage applications such as batteries for electric vehicles, stationary energy storage or industrial and medical applications.
Dr. Arndt Schlosser, CSO, IBU-tec advanced materials AG: “With the Morrow Batteries agreement, we are strengthening our market position as a European supplier of high-quality LFP battery material and making ourselves independent of Asian supply chains. The development partnership with Morrow Batteries allows us to further hone our expertise in the continuous improvement of our own material.”
Terje Andersen, CEO Morrow Batteries: “Morrow’s vision is to create the most cost-effective and sustainable battery cells. The development of European based battery material supply chains is a critical component of that vision. We are delighted to partner with IBU-tec in scaling material for robust European origin LFP cell production, meeting the needs of the growing European market.”
The IBU-tec Group develops and produces innovative materials of the highest quality for industry. It combines unique, partly patent-protected technology of thermal process engineering with the process and material know-how of around 250 highly qualified employees.
Its own products include LFP battery material, which is an important component of batteries for electromobility and stationary energy storage, as well as solutions for air purification, resource conservation and the reduction of plastic packaging. IBU-tec is thus well positioned in the long term for global megatrends – especially regarding climate and environmental protection – and has an international customer base ranging from innovative medium-sized companies to global corporations.
About Morrow Batteries
Morrow is committed to developing and manufacturing the world’s most cost-effective and sustainable battery cells. The company’s vision is to enable and accelerate the transition to green energy through smart cell chemistry and energy-saving cell production processes. In southern Norway, Morrow is currently building a 42 GWh gigafactory powered by 100% renewable hydropower to produce batteries with the lowest possible CO2 footprint in the world.
Morrow Batteries was founded in 2020 by dedicated owners and management. Leading investors are Agder Energi Venture, a wholly-owned subsidiary of Agder Energi, NOAH, a wholly-owned subsidiary of Gjelsten Holding, and the Danish pension fund PKA.
IBU-tec advanced materials AG
Dr. Stefan Steck
Public & Investor Relations
t +49 3643 8649-51
Financial and business press
Eschersheimer Landstraße 42-44
t +49 69 905505-52