Kongsberg Innovation and Vardar invest millions in Nordic Batteries

Kongsberg Innovation's "deep-tech" investment fund and Vardar AS jointly invest in Nordic Batteries. The company develops and produces tailor-made battery solutions to enable the green shift in Norwegian industry. Through the investment the company gets necessary funding to develop its plans and build a sustainable pilot line for assembling batteries in Norway. The company receives a total of NOK 20 million (2 MEUR) in the oversubscribed issue, where in addition to the above, Tarde AS, Nirigard AS and the employees will contribute capital.

Nordic Batteries will fill the gap between the cell manufacturers and the end user in the value chain for battery production. Norwegian industry faces major challenges with the green shift and the use of renewable energy. The company will deliver tailored solutions to industries that need batteries to electrify their operations.

- Nordic Batteries is a very exciting early-stage company that develops and manufactures battery packs and energy systems, tailored for demanding industrial use. The company is one of several tech companies we invest in via Kongsberg Pre-Såkorn Fond, says Svein-Olav Torø, CEO of Kongsberg Innovation.

- We have both worked together with and followed the positive development of the company the last years. We look forward to continuing develop and assist the company. On the way forward, we will, among other things, contribute with both business development and create new industrial networks and opportunities, says Torø.

Robert Olsen in Vardar AS states that "This investment is in line with our mission to contribute to increased access to new renewable energy and reduced climate emissions. We see opportunities to create value through active ownership in an exciting company in a market where we expect strong growth."

- Based on our development and access to the latest battery technology, we have carried out an issue to existing and new shareholders and to boost further development. We are proud and happy to have both Kongsberg Pre-Såkorn Fond and Vardar as active industrial owners. This will help to speed up our activites going forward, says Gjøsæther.

Norwegian investment in a growing battery market

Teaming up with ZEM and Kongsberg Innovation, Nordic Batteries initiated the "BATNET" project. The consortium was awarded NOK 70 million (7 MEUR) under the “Green Platform” program and has as its main objective to secure Norway's position in the global battery value chain as well as increase the pace of change in the green shift.

In BATNET, Nordic Batteries collaborates with several industrial players to develop an automated production line for batteries, i.a. Intek, SINTEF and several companies in Kongsberg Klyngen. The company also works with the Norwegian battery cell companies Morrow and Beyonder on the development and production of battery packs.

- We are already well underway with scaling up operations to develop and produce our own battery modules and packs. As part of this development, we work closely with Kongsberg Klyngen through the Green Platform project - "BATNET". Nordic Batteries is main responsible for one project part and is preparing to build a production line at Kongsberg, says Gjøsæther.

- Through the BATNET project, we get the opportunity to develop and strengthen battery expertise in several professional fields and within advanced production and computer technology. This is absolutely essential in order to keep up with international competitors and develop a new industry with more new jobs in Norway, says Gjøsæther and concludes; "The Future is Electric".

About Kongsberg Innovation

Kongsberg Innovation is an innovation company with an industry-based incubator and an investment fund that operates throughout Norway. The company assists Norwegian technology-based growth companies and offers a unique industry collaboration where established industry contributes technology expertise to ensure rapid company development.

In recent years, Kongsberg Innovation has gained a strong position in the industrial environment; both nationally and internationally. Kongsberg Innovation is closely linked to the leading innovation environments in Europe, which contributes to the scaling of Norwegian technology and industry.

Kongsberg Innovation facilitates the Kongsberg Cluster, which is an industry-driven national competence cluster that consists of partners from several industries.

Kongsberg Innovation is owned by Kongsberg Gruppen, TechnipFMC, Equinor, Kongsberg Automotive, Siemens Energy, Semcon, KIWA, BI School of Economics, Vardar and SIVA.

Read more here: https://kongsberginnovasjon.no/

About Vardar

Vardar is an energy group owned by 19 municipalities in the former Buskerud county.

The group's business areas are organized in various subsidiaries and associated companies, and include the business areas: Å Energy, Hydropower, Windpower, Bioenergy, Growth and development and Innovation.