Betting millions on battery companies

Kongsberg Technology Cluster
October 05, 2022

Kongsberg Innovation's "deep-tech" fund invests 5 million Norwegian kroner in Nordic Batteries. The company provides customized battery solutions developed for the future green transition in the Norwegian industry. At the same time, the partner company Kongsberg Electronics and its employees are injecting new capital to prepare for a significant funding round in the fall.

The company provides tailor-made solutions to industries that require batteries for the electrification of their operations. Nordic Batteries aims to bridge the gap between cell manufacturers and end-users in the battery production value chain.

- Nordic Batteries is an exhilarating early-stage company that develops and manufactures battery packs and energy systems customized for demanding industrial use. The company is one of several tech companies we invest in through the Kongsberg Pre-Seed Fund, says Svein-Olav Torø, CEO of Kongsberg Innovation. For the past years, we have worked with and closely followed the positive drive and their achievements.
We eagerly anticipate our ongoing support and assistance in fostering business development, as well as in establishing new industrial networks and unlocking new opportunities, says 

Nordic Batteries has facilities in Kongsberg and Høvik, where they closely collaborate with Kongsberg Electronics and ZEM AS with the production and development of battery packs. ZEM AS, with Volvo Penta as its primary stakeholder, focuses on the design and commercialization of battery systems specifically tailored for the maritime sector. Kongsberg Electronics, a reputable company renowned for its proficiency and resources in electromechanical manufacturing, collaborates closely with Nordic Batteries to pioneer the development and production of innovative battery solutions.

- We view our investment in the company as an exciting opportunity to contribute to industrial growth in Kongsberg and support the green transition through innovative technology. This will generate new job opportunities for the region, both within our company and Nordic Batteries," says Kay Mikarlsen, CEO of Kongsberg Electronics.

The company's products have sparked considerable curiosity and garnered strong interest from various players in the industry who are eager to incorporate them into their operations, leading to a notable surge in orders.

- We have achieved all our goals for the first half of this year," says Jarle Gjøsæther, CEO of Nordic Batteries. To leverage our progress and ensure continued growth, we have conducted a new share issuance targeting both existing and new shareholders, based on our advancements and access to the latest battery technology. We are proud and delighted to have both Kongsberg Pre-Seed Fund and Kongsberg Electronics as active industrial owners, which will accelerate our efforts moving forward.

Accelerating growth in a rapidly expanding battery market

Through its collaboration with ZEM, Nordic Batteries has taken on joint responsibilities for delivering charging containers to Volvo CE as part of their initiative for emission-free construction sites. The first containers have already been delivered, and the company has secured an additional 14 containers for deliveries in early 2023.

Nordic Batteries - ladecontainer

Nordic Batteries and ZEM are both participating in the "BATNET" project (Norwegian Battery Packing Network). The consortium, facilitated by Kongsberg Klyngen, was awarded 70 million through the Green Platform program. The main objective is to secure Norway's position in the global battery value chain and accelerate the transition toward a greener future. In collaboration with Norwegian companies Frey and Beyonder, Nordic Batteries will develop and manufacture battery packs as part of the project.

- We are making significant progress in ramping up our operations to accommodate the increasing volume of orders. As part of this expansion, we are closely collaborating with the consortium in Kongsberg Klyngen through the Green Platform project - "BATNET" - and preparing to establish a new production line in Kongsberg, says Jarle Gjøsæther, CEO Nordic Batteries

Therefore, Nordic Batteries is ready for new investment rounds and envisions raising between 30 and 50 million Norwegian kroner to support further expansion. The raised funds will be allocated towards laying the groundwork for expanding production and driving sustained growth on an international scale, with a particular focus on Norway.

- Through the BATNET project, we have the opportunity to develop and strengthen battery expertise across various fields, including advanced manufacturing and data technology. This is crucial for staying competitive on the global stage and ensuring the emergence of a new industry that will create numerous job opportunities in Norway," concludes Gjøsæther.

"The Future is Electric!"

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