Changes in top management and board of Morrow Batteries

Morrow Batteries AS (‘Morrow’) announces that chair of the board Håkon Tanem is appointed interim CEO replacing current CEO Terje Andersen, who is stepping down from 13th of June. Liv Monica Stubholt is appointed new chair of the board and Maria Moræus Hanssen joins the board of Morrow.

Terje Andersen is co-founder of Morrow and has been CEO since the establishment of Morrow in May 2020.

Håkon Tanem, chair and interim CEO of Morrow Batteries comments: “On behalf of the Board, I want to thank Terje for the job he has done during the past two years. He has led the establishment of Morrow from the very start to a company which now consists of more than 100 highly skilled employees and an executive management team with strong battery industry competence. Morrow has just successfully raised capital to start the construction of the company's first battery factory. I also appreciate that Terje will be available to Morrow to support the CEO transition”

Håkon Tanem has been chair of the board since Morrow was established, and he will now take the helm to guide the company as it is entering a new phase. Recently the company raised EUR 100 million in new capital to finance the first phase of the company’s factory in Arendal, Norway, with a capacity to produce more than 1 GWh battery cells each year.

Read more: Morrow Batteries raises EUR 100 million in new investment round

Terje Andersen comments: “When we first established Morrow Batteries two years ago, we had an ambition to start a new chapter in Norwegian industrial history. When the construction of Morrow's first battery factory starts, this will become a reality. I am proud of what we have achieved so far. We have built this company stone by stone, colleague by colleague. I want to thank our talented team for an exciting journey, and I wish Morrow all the best going forward”.

Changes in the board

Liv Monica Stubholt, energy law partner in law firm Selmer will take over as chair of the non-executive board. She has strong industrial executive experience and has held several top executive positions in Aker as well as board member and board chair experience from several large companies in the energy and processing industry, including Norsk Hydro and Hafslund Oslo Celsio (formerly Fortum Oslo Varme). Furthermore, she has served as deputy minister in the Norwegian Ministry of Foreign Affairs and the Ministry of Petroleum and Energy.

Liv Monica Stubholt comments: “Morrow Batteries represents a new green industry with an important role in decarbonisation of society not only for Norway but also for Europe. Backed by committed owners, I look forward to work with the board, the company and other stakeholders in realising the ambition of establishing a world-leading, sustainable battery production in Arendal in southern Norway”.

In addition to Stubholt, Maria Moræus Hanssen joins as new board member. She has extensive executive experience from the energy sector, having held executive positions at Equinor, Aker, Engie and Wintershall Dea. She also has experience as a board member of large industrial companies such as Schlumberger, Scatec Solar, Alfa Laval, Hafslund and Yara.

Steffen Syvertsen, CEO of Agder Energi, co-founder and the largest owner of Morrow comments: “Morrow represents one of the largest and most complex industrial projects in Norway in recent times. Both Stubholt and Moræus Hanssen have broad and long industrial competence, and will be an important contribution to the board as Morrow now are entering a new phase with the start the construction of the first factory”.

The board of Morrow will start the process of searching for the permanent CEO of Morrow.

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