GreenRoc Strategic Materials plc (AIM: GROC), a company specializing in critical mineral projects in Greenland, announced a significant step forward with the signing of a Memorandum of Understanding (MOU) with Morrow Batteries ASA, a Norwegian firm focused on developing sustainable and high-performance lithium-ion battery cells. Alongside this MOU, GreenRoc has initiated the setup of a Norwegian subsidiary to handle the production of graphite active anode material (AAM) for batteries.
Details of the Collaboration
The non-binding MOU between Morrow and GreenRoc outlines their cooperation in the development of AAM, crucial for advanced battery technology. Highlights of their collaboration include:
- Secured Supply of Proven Quality AAM: GreenRoc plans to supply graphite concentrate from its Amitsoq mine in Greenland, ensuring consistent quality.
- Transportation Efficiency and CO2 Reduction: GreenRoc’s AAM plant in Norway will be located near Morrow’s gigafactory, reducing transportation costs and CO2 emissions.
- Enhanced ESG Performance: The extraction and processing of graphite will align with best-in-class ESG practices, aiming for superior environmental and social governance standards.
- Reduced CO2 Emissions Through Renewable Energy Use: GreenRoc’s AAM production will primarily use hydropower, significantly cutting CO2 emissions.
- Tailored AAM Production: GreenRoc will adapt AAM specifications to meet Morrow’s evolving needs.
- Mutual Engagement in Material Performance Development: Both companies will work together to enhance battery cell capacity and durability.
- Continuous CO2 Emissions Reduction: They aim to further reduce emissions in raw material sourcing and processing.
- Operational Synergies from Strategic Proximity: The co-location in Eyde Materials Park will provide strategic and logistical advantages.
Background on Morrow
Morrow’s battery cell factory, the first LFP gigafactory in Europe, began test production in August 2024. Located in Eyde Materials Park, South Norway, it has secured a delivery agreement for 5.5 GWh over seven years with Nordic Batteries. Morrow’s investors include Å Energi, ABB, Siemens, PKA, and Nysnoe Climate Investments.
Establishing a Norwegian Subsidiary
GreenRoc is establishing a wholly owned subsidiary, NorGraph AS, in Norway to develop the AAM plant, making it eligible for EU funding schemes.
CEO Insights
Stefan Bernstein, CEO of GreenRoc, stated, “This MOU with Morrow marks a significant milestone in our journey to become a leading producer of graphite active anode material for Europe. Partnering with Morrow, located near our planned AAM plant, aligns perfectly with our commitment to ESG performance.”
Morrow’s CSO and Co-Founder, Jon Fold von Bulow, added, “Our collaboration with GreenRoc is a crucial step towards building a sustainable Nordic battery value chain and lowering the carbon emissions of our battery cells, while strengthening Europe’s battery supply security.”
This partnership sets a solid foundation for technological advancements and a sustainable future in battery production.