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DGAP-News ​​​​​​​IBU-tec advanced materials AG Enters Into Partnership Agreement with Morrow Batteries Norway to Become an Integral Player In the European Battery Materials Supply Chain

DGAP-News: IBU-tec advanced materials AG / Key word(s): Contract/Agreement
​​​​​​​IBU-tec advanced materials AG Enters Into Partnership Agreement with Morrow Batteries Norway to Become an Integral Player In the European Battery Materials Supply Chain

02.05.2022 / 08:30
The issuer is solely responsible for the content of this announcement.


IBU-tec advanced materials AG Enters Into Partnership Agreement with Morrow Batteries Norway to Become an Integral Player In the European Battery Materials Supply Chain

  • Memorandum of Understanding for the procurement of up to 200 t of IBUvolt battery material per year to Norwegian battery manufacturer
  • Development partnership for high-performance batteries
  • Long-term development of a sustainable European battery materials supply chain to ensure regional independence
  • IBU-tec is the sole producer and supplier of LFP battery materials in Europe

Weimar, 2 May 2022 - IBU-tec advanced materials AG ("IBU-tec", ISIN: DE000A0XYHT5) has concluded a Memorandum of Understanding with the Norwegian battery producer Morrow Batteries on the supply of LFP cathode material for a pilot plant of up to 200 t per year. IBU-tec will supply the first batches of its own IBUvolt battery material for current year testing. During this phase, both companies intend to work together on the development of high-performance batteries for various applications. Long term, we anticipate a rapidly growing business market for a sustainable, European production, battery materials supply chain.

IBU-tec first offered its own LFP battery material in October 2021 and can now fulfill the first major orders. IBU-tec is presently the only manufacturer in Europe producing and supplying LFP battery materials. The company has many years of experience in the development and manufacture of the material, which has a variety of usage applications such as batteries for electric vehicles, stationary energy storage or industrial and medical applications.

Dr. Arndt Schlosser, CSO, IBU-tec advanced materials AG: "With the Morrow Batteries agreement, we are strengthening our market position as a European supplier of high-quality LFP battery material and making ourselves independent of Asian supply chains. The development partnership with Morrow Batteries allows us to further hone our expertise in the continuous improvement of our own material."

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DGAP-News ​​​​​​​IBU-tec advanced materials AG Enters Into Partnership Agreement with Morrow Batteries Norway to Become an Integral Player In the European Battery Materials Supply Chain DGAP-News: IBU-tec advanced materials AG / Key word(s): Contract/Agreement ​​​​​​​IBU-tec advanced materials AG Enters Into Partnership Agreement with Morrow Batteries Norway to Become an Integral Player In the European Battery Materials Supply …

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