Morrow Batteries, a Norwegian battery manufacturer, announced that it is raising up to EUR 70 million (~$74 million) in new capital from its existing shareholders. The funding is expected to support the company’s next-generation battery developments and bring it closer to commercial production. The capital will be raised in two tranches, with the first approved by the company’s extraordinary general meeting on September 22. The second tranche will be proposed for approval later this year. The funds will mainly be used to finance the construction and development of the Morrow Industrialization Center on the Battery Coast of Southern Norway.