STRATEGIC ANALYSIS 2025

Elinor
Batteries

Powering Europe's Green Transition
Through Sustainable Battery Manufacturing

40 GWh Capacity
100% Renewable
Norway-Based

EXECUTIVE OVERVIEW

Strategic Framework

01

Market Position & Heritage

Norway's pioneering battery manufacturer with unique Nordic advantages: 100% renewable energy, Valinor backing, and experienced leadership.

02

Technology & Innovation

Advanced LFP battery technology without cobalt/nickel, strategic partnership with Morlus Technology, and innovative Orkan DC Block product.

03

Manufacturing Strategy

40 GWh gigafactory in Eiktyr industrial park with modular development: Phase 1 (10 GWh by 2026, EUR 1bn), full scale by 2030.

04

Market Opportunity

Explosive growth in European energy storage market driven by renewable integration, electrification, and EU Green Deal.

05

Future Outlook

Strategic roadmap to become Europe's leading sustainable battery manufacturer: commercial production by 2026, 40 GWh capacity by 2030.

CHAPTER ONE

Market Position
& Heritage

Norway's pioneering battery manufacturer with unique Nordic competitive advantages

100%
Renewable Energy
40 GWh
Target Capacity

MARKET POSITION & HERITAGE

Company Overview & Market Position

Norway's leading battery manufacturing initiative with world-class sustainability credentials

Mission & Vision

Elinor
Batteries
Europe's Most Sustainable
100% Renewable Energy
Norwegian hydroelectric power
LFP Technology
No cobalt or nickel dependency
European Market
Supplying ESS to Europe

Competitive Advantages

1
Sustainable Production

World's most sustainable battery production based on clean energy, ethical supply chain, and circular economy principles.

2
Nordic Resources

Access to Nordic mineral resources, clean hydropower at industrial scale, and established industrial ecosystem.

3
Technology Partnership

Strategic collaboration with Morlus Technology brings world-leading battery expertise and cutting-edge manufacturing know-how.

4
Research Collaboration

SINTEF partnership provides access to 150+ battery experts, advanced laboratory facilities, and comprehensive R&D support.

MARKET POSITION & HERITAGE

Strategic Ownership & Leadership

World-class ownership and experienced leadership driving battery manufacturing excellence

Valinor - Strategic Owner

Valinor
Norwegian Investment Co.
Green Industry Pioneer
Renewable Energy Leader
Extensive experience in wind power
Portfolio Success
Zaptec EV charging, 35+ investments
Track Record
Lowest LCOE in Europe through North Wind

Leadership Team

TA
Terje Andersen - CEO

Former CEO Morrow Batteries, 16 years EY, Global Partner & CEO PwC Norway/Nordic/EMEIA. Deep expertise in strategy, operations, and battery value chains.

AF
Arne Fredrik Lånke

Co-founder and Managing Director, leading business development team with extensive green industry experience.

TJ
Truls Johansen - CSO

Director of Strategy, leading sustainability initiatives and strategic positioning in European battery market.

ext-lg mt-1">
Renewable Energy Leader
Extensive experience in wind power
Portfolio Success
Zaptec EV charging, 35+ investments
Track Record
Lowest LCOE in Europe through North Wind

Investment Strategy

Initial Funding Valinor
External Investors Planned Round
Government Support Grants Applied

Leadership Team

TA
Terje Andersen - CEO

Former CEO Morrow Batteries, 16 years EY, Global Partner & CEO PwC Norway/Nordic/EMEIA. Deep expertise in strategy, operations, and battery value chains.

AF
Arne Fredrik Lånke

Co-founder and Managing Director, leading business development team with extensive green industry experience.

TJ
Truls Johansen - CSO

Director of Strategy, leading sustainability initiatives and strategic positioning in European battery market.

SH
Sofi Hildonen - EVP

Executive Vice President Business Development, driving partnerships and market expansion.

SINTEF Partnership

150+ battery experts, comprehensive R&D support, battery laboratory facilities

Knowledge Base
World-class research support
Technology
CHAPTER TWO

Technology
& Innovation

Advanced LFP battery technology with strategic Chinese partnership

7.2MWh
Orkan DC Block
LFP
Battery Chemistry

TECHNOLOGY & INNOVATION

LFP Battery Technology Advantages

Lithium Iron Phosphate technology delivering superior performance, safety, and sustainability

LFP vs Traditional Chemistry

LFP
Lithium Iron Phosphate
No cobalt, no nickel
No Cobalt/Nickel
Ethical supply chain
Enhanced Safety
Thermal stability
Longer Lifespan
2,000-6,000 cycles

Environmental Benefits

Circular Economy
Easier recycling, longer life
Lower Carbon Footprint
Sustainable materials
Ethical Sourcing
No controversial mining

Target Market Applications

1
Grid-Scale Storage

Large-scale energy storage for renewable integration, grid balancing, and peak shaving. Perfect for 1C-2C applications.

2
Commercial & Industrial

Peak shaving, demand management, and backup power for buildings, factories, and data centers. Cost-effective long-term solution.

3
EV Charging Infrastructure

Grid reinforcement for fast-charging stations, reducing strain on local power networks and enabling high-power charging.

4
Marine Electrification

Battery systems for ferries, offshore vessels, and port operations. High-power applications requiring safety and reliability.

Market Positioning

LFP batteries gaining market share in stationary storage due to cost, safety, and longevity advantages

Optimal
For stationary applications

TECHNOLOGY & INNOVATION

Strategic Technology Partnership with Morlus

World-class battery expertise accelerating Elinor's path to European market leadership

Morlus Technology Partnership

Aug 2024
Partnership Announced
Strategic collaboration
Partnership Scope
Product dev, production, factory construction
Commercial Sales
By spring 2025
Acceleration
Faster time-to-market advantage

Partnership Benefits

Cutting-Edge Technology
Latest LFP innovations
Factory Expertise
Gigafactory construction know-how
Market Access
European value chain

Shen Xi - Morlus Founder

20+
Years Experience
Battery Industry Leader
1
BYD Leadership

Led battery design, factory design and construction for BYD, world's largest EV supplier and top-tier battery company.

2
Pioneering Achievements

Led design of first LFP batteries for EVs and China's first 10GWh gigafactory. Established BYD as industry leader.

3
World-Class Team

Built world-class team at Morlus setting company at forefront of lithium battery technology development.

Strategic Rationale

Europe lacks this level of battery expertise. Partnership crucial for establishing Nordic battery value chain.

Accelerated
Technology transfer

TECHNOLOGY & INNOVATION

Product Innovation: Orkan DC Block

First commercial product delivering cutting-edge energy density and performance

Orkan DC Block Specifications

7.2MWh
Capacity
20-foot container
Energy Density +30% vs competitors
System Type 1C/2C Flexible
Launch Date Feb 2025

Market Positioning

High Energy Density
Cutting-edge for 1C systems
Modular Design
Scalable applications
Cost Competitive
Value per MWh installed

Product Roadmap

1
2025: Orkan Launch

7.2MWh system launched Feb 2025. Initial manufacturing in China with Morlus partnership. Commercial sales begin.

2
2026-2027: Scale Up

6.7MWh and 7.2MWh systems for 2-hour applications. Norwegian factory construction. European production begins.

3
2028-2030: Full Portfolio

40 GWh capacity operational. Complete product range across all stationary storage applications. Market leadership.

Manufacturing Strategy

Initially manufactured in China with Morlus, transitioning to Norwegian production by 2026-2027

Phased
Production transition
Manufacturing
CHAPTER THREE

Manufacturing
Strategy

40 GWh gigafactory with modular development and sustainable production

€3bn
Total Investment
2026
Production Start

MANUFACTURING STRATEGY

Eiktyr Gigafactory Development Plan

Modular approach to 40 GWh capacity with phased investment and risk management

Eiktyr Industrial Park

40 GWh
Annual Capacity
6 km² industrial site
Location
Orkland, Mid-Norway
Size
6 square kilometers
Significance
Largest green industrial site in Norway

Strategic Advantages

Power Access
Europe's cheapest renewable
Labor Market
Large, competent workforce
Tech Hub
40km from Trondheim

Modular Development Plan

1
Phase 1: 10 GWh by 2026

EUR 1 billion investment. Construction starts 2024, production Q2 2026. Limits financial and technological risk.

2
Phase 2: +15 GWh by 2028

Additional capacity based on market demand. Learning curve optimization from Phase 1.

3
Phase 3: +15 GWh by 2030

Full 40 GWh capacity operational. Market leadership in European sustainable batteries.

Investment Timeline

Phase 1 (2024-2026) €1.0bn
Phase 2-3 (2027-2030) €2.0bn
Total Investment €3.0bn

MANUFACTURING STRATEGY

Sustainable Manufacturing Advantages

Unique sustainability credentials positioning Elinor as Europe's greenest battery manufacturer

Environmental Advantages

100%
Renewable Energy
Norwegian hydropower
Clean Energy
Europe's cheapest & cleanest
No Cobalt/Nickel
Eliminates controversial mining
Circular Economy
Recycling & second-life

Competitive Comparison

Asian Manufacturers Coal-Powered
Elinor (Norway) 100% Renewable
CO₂ Reduction Significant

Sustainability Pillars

1
Clean Energy Production

Powered by Norwegian hydropower - cheapest and cleanest energy in Europe. Near-zero carbon footprint per kWh produced.

2
Ethical Supply Chain

No cobalt or nickel dependency eliminates controversial mining practices and supply chain risks. LFP chemistry uses abundant materials.

3
Circular Economy

Longer lifespan reduces replacement frequency. Designed for recycling and second-life applications. Nordic mineral resources.

4
European Green Deal

Perfect alignment with EU sustainability requirements, local content preferences, and decarbonization targets.

Market Advantage

Premium positioning for sustainability-focused customers willing to pay 20% more for European-made green batteries

Premium
Sustainability brand
Market
CHAPTER FOUR

Market
Opportunity

Explosive growth in European energy storage market driven by electrification

€Bns
Market Size
19.6%
Norway CAGR

MARKET OPPORTUNITY

European Battery Market Dynamics

Explosive demand growth driven by renewable integration, electrification, and energy security

Market Growth Drivers

EU Green Deal
Climate neutrality by 2050
REPowerEU
Reduce Russian energy dependency
EV Infrastructure
Charging network expansion
Renewable Integration
Grid stability requirements

Policy Support

EU Innovation Fund
€100m+ grants available
National Strategies
Complete value chain development
Strategic Autonomy
Reduce Asian dependency

Target Market Segments

1
Grid-Scale Storage

Large-scale ESS for renewable integration, grid balancing, peak shaving. Fastest-growing segment with high power requirements.

2
Commercial & Industrial

Peak shaving, demand management, backup power for buildings, factories, data centers. Cost-sensitive but high-volume.

3
EV Charging Infrastructure

Grid reinforcement for fast-charging stations. Critical for EV adoption, requires high-power, flexible systems.

4
Marine Electrification

Ferries, offshore vessels, port operations. Premium market requiring safety, reliability, and sustainability credentials.

Market Opportunity

European battery demand outstripping supply, creating massive opportunity for local manufacturers

Massive
Growth potential

MARKET OPPORTUNITY

Competitive Landscape & Positioning

Strategic positioning in European battery manufacturing with unique competitive advantages

European Battery Landscape

Morrow Batteries
32 GWh Arendal, operational 2024
Northvolt
Bankruptcy 2024
Freyr Battery
Struggling, strategic pivot
Beyonder
10 GWh Haugaland

Asian Competition

CATL 34.6% share
BYD Major player
LG Energy 22.3% share

Elinor's Competitive Advantages

1
First-Mover Advantage

First major battery factory in Mid-Norway. Unique position in Nordic region with limited local competition.

2
Energy Advantage

Access to Europe's cheapest renewable energy. Significant cost advantage and sustainability credentials.

3
Technology Partnership

Morlus Technology partnership brings world-leading expertise. Proven technology and faster execution.

4
Sustainability Leadership

100% renewable energy, no cobalt/nickel, circular design. Premium positioning for green-focused customers.

Strategic Positioning

European customers willing to pay premium for sustainable, locally-produced batteries with transparent supply chains

Differentiated
Premium green positioning
Future
CHAPTER FIVE

Future
Outlook

Strategic roadmap to become Europe's leading sustainable battery manufacturer

2030
Full Capacity
1000s
Jobs Created

FUTURE OUTLOOK

Strategic Roadmap & Milestones

Clear execution path to European battery market leadership by 2030

2024-2025: Foundation Phase

Construction Start
Eiktyr factory construction begins
Technology Transfer
Morlus partnership implementation
Product Qualification
A-sample production and testing
Customer Partnerships
Initial commercial agreements
Funding Round
External investors and grants

Critical Success Factors

Manufacturing Execution
On-time, on-budget ramp-up
Customer Acquisition
Target segment penetration
Technology Advancement
Product roadmap execution

2026-2030: Scale & Leadership

1
2026: Production Launch

First production from 10 GWh facility. Orkan DC Block market launch. Initial customer qualification completed.

2
2027-2028: Phase 2 Expansion

Additional 15 GWh capacity. European production fully operational. Expanded product portfolio for 2-hour systems.

3
2029-2030: Full Scale

40 GWh capacity operational. Complete product range across all stationary storage applications. European market leadership.

Long-Term Vision

Beyond 2030: Potential IPO, strategic partnerships, technology licensing, and expansion into adjacent markets

Ambitious
Market leadership goal

FUTURE OUTLOOK

Investment & Financial Outlook

EUR 3 billion investment program creating significant economic impact and shareholder value

Investment Requirements

€3bn
Total Investment
2024-2030
Phase 1 (2024-2026) €1.0bn
Phase 2-3 (2027-2030) €2.0bn
Per GWh Investment €75m

Funding Strategy

Valinor Initial
Project development funding
External Investors
Planned funding rounds
Government Grants
EU Innovation Fund, national support

Revenue Projections

40 GWh
Annual Capacity
At full scale (2030)
1
Market Size

European ESS market worth billions annually. 19.6% CAGR in Norway. Massive growth opportunity.

2
Premium Pricing

Sustainable European-made batteries command 20% premium. Green credentials justify higher prices.

3
Market Share Target

Significant share of European stationary storage market. First-mover advantage in Nordic region.

Economic Impact

Direct Jobs 1000s
Indirect Jobs 1000s more
Regional GDP Impact Significant
Norwegian Nature
ELINOR BATTERIES

Powering Europe's
Green Transition

Elinor Batteries: Pioneering sustainable battery manufacturing in the heart of Norway, delivering clean energy storage for Europe's sustainable future

40 GWh
Target Capacity
€3bn
Investment
100%
Renewable

Sources: Elinor Batteries, Valinor, SINTEF, Morlus Technology, Company Presentations

TECHNOLOGY & INNOVATION

Product Innovation: Orkan DC Block

First commercial product delivering cutting-edge energy density and performance

Orkan DC Block Specifications

7.2MWh
Capacity
20-foot container
Energy Density +30% vs competitors
System Type 1C/2C Flexible
Launch Date Feb 2025

Market Positioning

High Energy Density
Cutting-edge for 1C systems
Modular Design
Scalable applications
Cost Competitive
Value per MWh installed

Product Roadmap

1
2025: Orkan Launch

7.2MWh system launched Feb 2025. Initial manufacturing in China with Morlus partnership. Commercial sales begin.

2
2026-2027: Scale Up

6.7MWh and 7.2MWh systems for 2-hour applications. Norwegian factory construction. European production begins.

3
2028-2030: Full Portfolio

40 GWh capacity operational. Complete product range across all stationary storage applications. Market leadership.

Manufacturing Strategy

Initially manufactured in China with Morlus, transitioning to Norwegian production by 2026-2027

Phased
Production transition
Manufacturing
CHAPTER THREE

Manufacturing
Strategy

40 GWh gigafactory with modular development and sustainable production

€3bn
Total Investment
2026
Production Start

MANUFACTURING STRATEGY

Eiktyr Gigafactory Development Plan

Modular approach to 40 GWh capacity with phased investment and risk management

Eiktyr Industrial Park

40 GWh
Annual Capacity
6 km² industrial site
Location
Orkland, Mid-Norway
Size
6 square kilometers
Significance
Largest green industrial site in Norway

Strategic Advantages

Power Access
Europe's cheapest renewable
Labor Market
Large, competent workforce
Tech Hub
40km from Trondheim

Modular Development Plan

1
Phase 1: 10 GWh by 2026

EUR 1 billion investment. Construction starts 2024, production Q2 2026. Limits financial and technological risk.

2
Phase 2: +15 GWh by 2028

Additional capacity based on market demand. Learning curve optimization from Phase 1.

3
Phase 3: +15 GWh by 2030

Full 40 GWh capacity operational. Market leadership in European sustainable batteries.

Investment Timeline

Phase 1 (2024-2026) €1.0bn
Phase 2-3 (2027-2030) €2.0bn
Total Investment €3.0bn

MANUFACTURING STRATEGY

Sustainable Manufacturing Advantages

Unique sustainability credentials positioning Elinor as Europe's greenest battery manufacturer

Environmental Advantages

100%
Renewable Energy
Norwegian hydropower
Clean Energy
Europe's cheapest & cleanest
No Cobalt/Nickel
Eliminates controversial mining
Circular Economy
Recycling & second-life

Competitive Comparison

Asian Manufacturers Coal-Powered
Elinor (Norway) 100% Renewable
CO₂ Reduction Significant

Sustainability Pillars

1
Clean Energy Production

Powered by Norwegian hydropower - cheapest and cleanest energy in Europe. Near-zero carbon footprint per kWh produced.

2
Ethical Supply Chain

No cobalt or nickel dependency eliminates controversial mining practices and supply chain risks. LFP chemistry uses abundant materials.

3
Circular Economy

Longer lifespan reduces replacement frequency. Designed for recycling and second-life applications. Nordic mineral resources.

4
European Green Deal

Perfect alignment with EU sustainability requirements, local content preferences, and decarbonization targets.

Market Advantage

Premium positioning for sustainability-focused customers willing to pay 20% more for European-made green batteries

Premium
Sustainability brand
Market
CHAPTER FOUR

Market
Opportunity

Explosive growth in European energy storage market driven by electrification

€Bns
Market Size
19.6%
Norway CAGR

MARKET OPPORTUNITY

European Battery Market Dynamics

Explosive demand growth driven by renewable integration, electrification, and energy security

Market Growth Drivers

EU Green Deal
Climate neutrality by 2050
REPowerEU
Reduce Russian energy dependency
EV Infrastructure
Charging network expansion
Renewable Integration
Grid stability requirements

Policy Support

EU Innovation Fund
€100m+ grants available
National Strategies
Complete value chain development
Strategic Autonomy
Reduce Asian dependency

Target Market Segments

1
Grid-Scale Storage

Large-scale ESS for renewable integration, grid balancing, peak shaving. Fastest-growing segment with high power requirements.

2
Commercial & Industrial

Peak shaving, demand management, backup power for buildings, factories, data centers. Cost-sensitive but high-volume.

3
EV Charging Infrastructure

Grid reinforcement for fast-charging stations. Critical for EV adoption, requires high-power, flexible systems.

4
Marine Electrification

Ferries, offshore vessels, port operations. Premium market requiring safety, reliability, and sustainability credentials.

Market Opportunity

European battery demand outstripping supply, creating massive opportunity for local manufacturers

Massive
Growth potential

MARKET OPPORTUNITY

Competitive Landscape & Positioning

Strategic positioning in European battery manufacturing with unique competitive advantages

European Battery Landscape

Morrow Batteries
32 GWh Arendal, operational 2024
Northvolt
Bankruptcy 2024
Freyr Battery
Struggling, strategic pivot
Beyonder
10 GWh Haugaland

Asian Competition

CATL 34.6% share
BYD Major player
LG Energy 22.3% share

Elinor's Competitive Advantages

1
First-Mover Advantage

First major battery factory in Mid-Norway. Unique position in Nordic region with limited local competition.

2
Energy Advantage

Access to Europe's cheapest renewable energy. Significant cost advantage and sustainability credentials.

3
Technology Partnership

Morlus Technology partnership brings world-leading expertise. Proven technology and faster execution.

4
Sustainability Leadership

100% renewable energy, no cobalt/nickel, circular design. Premium positioning for green-focused customers.

Strategic Positioning

European customers willing to pay premium for sustainable, locally-produced batteries with transparent supply chains

Differentiated
Premium green positioning
Future
CHAPTER FIVE

Future
Outlook

Strategic roadmap to become Europe's leading sustainable battery manufacturer

2030
Full Capacity
1000s
Jobs Created

FUTURE OUTLOOK

Strategic Roadmap & Milestones

Clear execution path to European battery market leadership by 2030

2024-2025: Foundation Phase

Construction Start
Eiktyr factory construction begins
Technology Transfer
Morlus partnership implementation
Product Qualification
A-sample production and testing
Customer Partnerships
Initial commercial agreements
Funding Round
External investors and grants

Critical Success Factors

Manufacturing Execution
On-time, on-budget ramp-up
Customer Acquisition
Target segment penetration
Technology Advancement
Product roadmap execution

2026-2030: Scale & Leadership

1
2026: Production Launch

First production from 10 GWh facility. Orkan DC Block market launch. Initial customer qualification completed.

2
2027-2028: Phase 2 Expansion

Additional 15 GWh capacity. European production fully operational. Expanded product portfolio for 2-hour systems.

3
2029-2030: Full Scale

40 GWh capacity operational. Complete product range across all stationary storage applications. European market leadership.

Long-Term Vision

Beyond 2030: Potential IPO, strategic partnerships, technology licensing, and expansion into adjacent markets

Ambitious
Market leadership goal

FUTURE OUTLOOK

Investment & Financial Outlook

EUR 3 billion investment program creating significant economic impact and shareholder value

Investment Requirements

€3bn
Total Investment
2024-2030
Phase 1 (2024-2026) €1.0bn
Phase 2-3 (2027-2030) €2.0bn
Per GWh Investment €75m

Funding Strategy

Valinor Initial
Project development funding
External Investors
Planned funding rounds
Government Grants
EU Innovation Fund, national support

Revenue Projections

40 GWh
Annual Capacity
At full scale (2030)
1
Market Size

European ESS market worth billions annually. 19.6% CAGR in Norway. Massive growth opportunity.

2
Premium Pricing

Sustainable European-made batteries command 20% premium. Green credentials justify higher prices.

3
Market Share Target

Significant share of European stationary storage market. First-mover advantage in Nordic region.

Economic Impact

Direct Jobs 1000s
Indirect Jobs 1000s more
Regional GDP Impact Significant
Norwegian Nature
ELINOR BATTERIES

Powering Europe's
Green Transition

Elinor Batteries: Pioneering sustainable battery manufacturing in the heart of Norway, delivering clean energy storage for Europe's sustainable future

40 GWh
Target Capacity
€3bn
Investment
100%
Renewable

Sources: Elinor Batteries, Valinor, SINTEF, Morlus Technology, Company Presentations

CHAPTER TWO

Technology
& Innovation

Advanced LFP battery technology with strategic Chinese partnership

7.2MWh
Orkan DC Block
LFP
Battery Chemistry

TECHNOLOGY & INNOVATION

LFP Battery Technology Advantages

Lithium Iron Phosphate technology delivering superior performance, safety, and sustainability

LFP vs Traditional Chemistry

LFP
Lithium Iron Phosphate
No cobalt, no nickel
No Cobalt/Nickel
Ethical supply chain
Enhanced Safety
Thermal stability
Longer Lifespan
2,000-6,000 cycles

Target Market Applications

1
Grid-Scale Storage

Large-scale energy storage for renewable integration, grid balancing, and peak shaving. Perfect for 1C-2C applications.

2
Commercial & Industrial

Peak shaving, demand management, and backup power for buildings, factories, and data centers.

3
EV Charging Infrastructure

Grid reinforcement for fast-charging stations, reducing strain on local power networks.

4
Marine Electrification

Battery systems for ferries, offshore vessels, and port operations. High-power applications requiring safety.

TECHNOLOGY & INNOVATION

Strategic Technology Partnership with Morlus

World-class battery expertise accelerating Elinor's path to European market leadership

Morlus Technology Partnership

Aug 2024
Partnership Announced
Strategic collaboration
Partnership Scope
Product development, production processes, factory construction
Commercial Sales
By spring 2025
Acceleration
Faster time-to-market advantage

Shen Xi - Morlus Founder

20+
Years Experience
Battery Industry Leader
1
BYD Leadership

Led battery design and factory construction for BYD, world's largest EV supplier and top-tier battery company.

2
Pioneering Achievements

Led design of first LFP batteries for EVs and China's first 10GWh gigafactory. Established BYD as industry leader.

3
World-Class Team

Built world-class team at Morlus setting company at forefront of lithium battery technology development.

TECHNOLOGY & INNOVATION

Product Innovation: Orkan DC Block

First commercial product delivering cutting-edge energy density and performance

Orkan DC Block Specifications

7.2MWh
Capacity
20-foot container
Energy Density +30% vs competitors
System Type 1C/2C Flexible
Launch Date Feb 2025

Product Roadmap

1
2025: Orkan Launch

7.2MWh system launched Feb 2025. Initial manufacturing in China with Morlus partnership. Commercial sales begin.

2
2026-2027: Scale Up

6.7MWh and 7.2MWh systems for 2-hour applications. Norwegian factory construction. European production begins.

3
2028-2030: Full Portfolio

40 GWh capacity operational. Complete product range across all stationary storage applications. Market leadership.

CHAPTER THREE

Manufacturing
Strategy

40 GWh gigafactory with modular development and sustainable production

€3bn
Total Investment
2026
Production Start

MANUFACTURING STRATEGY

Eiktyr Gigafactory Development Plan

Modular approach to 40 GWh capacity with phased investment and risk management

Eiktyr Industrial Park

40 GWh
Annual Capacity
6 km² industrial site
Location
Orkland, Mid-Norway
Size
6 square kilometers
Significance
Largest green industrial site in Norway

Modular Development Plan

1
Phase 1: 10 GWh by 2026

EUR 1 billion investment. Construction starts 2024, production Q2 2026. Limits financial and technological risk.

2
Phase 2: +15 GWh by 2028

Additional capacity based on market demand. Learning curve optimization from Phase 1.

3
Phase 3: +15 GWh by 2030

Full 40 GWh capacity operational. Market leadership in European sustainable batteries.

MANUFACTURING STRATEGY

Sustainable Manufacturing Advantages

Unique sustainability credentials positioning Elinor as Europe's greenest battery manufacturer

Environmental Advantages

100%
Renewable Energy
Norwegian hydropower
Clean Energy
Europe's cheapest & cleanest
No Cobalt/Nickel
Eliminates controversial mining
Circular Economy
Recycling & second-life

Sustainability Pillars

1
Clean Energy Production

Powered by Norwegian hydropower - cheapest and cleanest energy in Europe. Near-zero carbon footprint per kWh produced.

2
Ethical Supply Chain

No cobalt or nickel dependency eliminates controversial mining practices and supply chain risks. LFP chemistry uses abundant materials.

3
Circular Economy

Longer lifespan reduces replacement frequency. Designed for recycling and second-life applications. Nordic mineral resources.

4
European Green Deal

Perfect alignment with EU sustainability requirements, local content preferences, and decarbonization targets.

CHAPTER FOUR

Market
Opportunity

Explosive growth in European energy storage market driven by electrification

€Bns
Market Size
19.6%
Norway CAGR

MARKET OPPORTUNITY

European Battery Market Dynamics

Explosive demand growth driven by renewable integration, electrification, and energy security

Market Growth Drivers

EU Green Deal
Climate neutrality by 2050
REPowerEU
Reduce Russian energy dependency
EV Infrastructure
Charging network expansion
Renewable Integration
Grid stability requirements

Target Market Segments

1
Grid-Scale Storage

Large-scale ESS for renewable integration, grid balancing, peak shaving. Fastest-growing segment with high power requirements.

2
Commercial & Industrial

Peak shaving, demand management, backup power for buildings, factories, data centers. Cost-sensitive but high-volume.

3
EV Charging Infrastructure

Grid reinforcement for fast-charging stations. Critical for EV adoption, requires high-power, flexible systems.

4
Marine Electrification

Battery systems for ferries, offshore vessels, and port operations. Premium market requiring safety, reliability, and sustainability credentials.

MARKET OPPORTUNITY

Competitive Landscape & Positioning

Strategic positioning in European battery manufacturing with unique competitive advantages

European Battery Landscape

Morrow Batteries
32 GWh Arendal, operational 2024
Northvolt
Bankruptcy 2024
Freyr Battery
Struggling, strategic pivot
Beyonder
10 GWh Haugaland

Elinor's Competitive Advantages

1
First-Mover Advantage

First major battery factory in Mid-Norway. Unique position in Nordic region with limited local competition.

2
Energy Advantage

Access to Europe's cheapest renewable energy. Significant cost advantage and sustainability credentials.

3
Technology Partnership

Morlus Technology partnership brings world-leading expertise. Proven technology and faster execution.

4
Sustainability Leadership

100% renewable energy, no cobalt/nickel, circular design. Premium positioning for green-focused customers.

CHAPTER FIVE

Future
Outlook

Strategic roadmap to become Europe's leading sustainable battery manufacturer

2030
Full Capacity
1000s
Jobs Created

FUTURE OUTLOOK

Strategic Roadmap & Milestones

Clear execution path to European battery market leadership by 2030

2024-2025: Foundation Phase

Construction Start
Eiktyr factory construction begins
Technology Transfer
Morlus partnership implementation
Product Qualification
A-sample production and testing
Customer Partnerships
Initial commercial agreements
Funding Round
External investors and grants

2026-2030: Scale & Leadership

1
2026: Production Launch

First production from 10 GWh facility. Orkan DC Block market launch. Initial customer qualification completed.

2
2027-2028: Phase 2 Expansion

Additional 15 GWh capacity. European production fully operational. Expanded product portfolio for 2-hour systems.

3
2029-2030: Full Scale

40 GWh capacity operational. Complete product range across all stationary storage applications. European market leadership.

FUTURE OUTLOOK

Investment & Financial Outlook

EUR 3 billion investment program creating significant economic impact and shareholder value

Investment Requirements

€3bn
Total Investment
2024-2030
Phase 1 (2024-2026) €1.0bn
Phase 2-3 (2027-2030) €2.0bn
Per GWh Investment €75m

Revenue Projections

40 GWh
Annual Capacity
At full scale (2030)
1
Market Size

European ESS market worth billions annually. 19.6% CAGR in Norway. Massive growth opportunity.

2
Premium Pricing

Sustainable European-made batteries command 20% premium. Green credentials justify higher prices.

3
Market Share Target

Significant share of European stationary storage market. First-mover advantage in Nordic region.

ELINOR BATTERIES

Powering Europe's
Green Transition

Elinor Batteries: Pioneering sustainable battery manufacturing in the heart of Norway, delivering clean energy storage for Europe's sustainable future

40 GWh
Target Capacity
€3bn
Investment
100%
Renewable

Sources: Elinor Batteries, Valinor, SINTEF, Morlus Technology, Company Presentations