Funding Nordic Batteries with NOK 5 million and a significantly larger investment is planned.

Nordic Batteries enables the green shift by assembling and manufacturing battery packs and energy systems, customized for maritime and demanding industrial applications. Nordic Batteries was established when ZEM’s former battery pack subsidiaries in Norway and France were bought by Inspire Invest when Volvo Penta acquired the majority of ZEM.

- Nordic Batteries is an exciting early-stage company that develops and produces battery packs and energy systems, tailored for demanding industrial use, says Svein-Olav Torø, CEO of Kongsberg Innovation, in a press release.

- We have reached all our targets for the first half of this year, says Jarle Gjøsæther, CEO of Nordic Batteries, in the press release.

Growing battery market

Through collaboration with ZEM, Nordic Batteries has signed an agreement with Volvo CE. The commitment is to deliver charging containers to emission-free construction sites. After completing the first container, Nordic Batteries secured a new order for 14 more containers at the beginning of 2023.

Together with ZEM and Kongsberg Innovation, Nordic Batteries took the initiative for the BATNET project (Norwegian Battery Packing Network). The consortium was awarded NOK 70 million through the Grønn Plattform program. The main goal is to secure its position of Norway in the global battery value chain and to increase the pace of change in the green shift. Nordic Batteries collaborates with the Norwegian battery cell companies Freyr and Beyonder in BATNET. Together they develop battery modules.

Soon ready for new investment

Nordic Batteries is ready for new investment rounds and initially envisages raising between NOK 30 and 50 million for further investment. The funds will lay the foundations for increased production for national and international growth.

- Through the BATNET project, we can develop and strengthen battery expertise in several fields within advanced production and computer technology. This is essential to keep up with the international competition and ensure a new industry that opens for more new jobs in Norway, says Gjøsæther.