Norway-headquartered ESS-focused battery startup Morrow has filed for bankruptcy, in another blow to Europe’s domestic battery industry.
The board of directors of Morrow’s three primary entities decided to file for bankruptcy proceedings this week (6 May): Morrow Batteries ASA, Morrow Technologies AS and Morrow Industrialization Center AS.
In a statement, the company said it was not possible to complete the process of securing a new industrial investor and financing the group in light of ‘constraints imposed by the group’s liquidity situation’. In layman’s terms, this likely means they effectively ran out of cash. The firm said its financial situation has deteriorated in the past few months.
Morrow gave four reasons for the bankruptcy:
It appears resigned to Morrow not continuing as a going concern. The firm does hope that a buyer for the estate could emerge to continue to develop its technology and manufacturing.
