Veidekke

Regulatory Filings • Aug 29, 2022

Veidekke: Building a battery factory for Morrow in Arendal

Veidekke: Building a battery factory for Morrow in Arendal

Veidekke has signed a contract with Siva Morrow Eyde Energipark AS for the

construction of Battery Factory 1 at Eyde Energy Park in the municipality of

Arendal. The contract is a design and build contract valued at just below NOK

400 million excluding VAT.

"We are proud that Siva and Morrow Batteries have chosen Veidekke as their

partner both during the development phase and for the execution phase relating

to the first battery factory at Eyde Material Park. This is a dynamic and green

industrial initiative that we are thrilled to be a part of," says Roar

Kristiansen, General Manager of Veidekke Logistikkbygg AS.

"As an industrial investor, Siva is delighted to have Veidekke on board for the

realisation of Battery Factory 1. The project has undergone a development phase

during which Veidekke has demonstrated that they have the expertise, capacity

and ability to deliver that projects like these demands," says Lisa Bartnes

Aalberg, Director of Real Estate at Siva.

This will be one of the first commercial battery cell factories in Norway.

Thanks to its access to renewable energy, it will be able to produce some of the

most sustainable batteries in the world from day one. When commissioned, the

factory will have an annual production capacity of 1 GWh battery cells, but once

the planned phases of construction are completed, capacity will reach 43 GWh,

which is equivalent to the demands of more than 700,000 electric cars.

"Quality at every level is essential if we are to produce world-leading

batteries at Eyde Energy Park. The purpose of Battery Factory 1 is to

demonstrate to the market and customers that we can deliver quality on a large

scale. Having solid partners on board such as Veidekke and Siva provides us with

the best possible chances of success," says Håkon Tanem, Acting CEO of Morrow

Batteries.

Battery Factory 1 will have a gross floor area of almost 30,000 m[2] and will be

constructed in a partnership between Veidekke Logistikkbygg and Veidekke Bygg

Agder. Construction work will begin within the next few weeks.

For further information, please contact:

General manager Roar Kristiansen of Veidekke Logistikkbygg, tel. +47 916 90 080,

roar.kristiansen@veidekke.no

District Manager Atle Monan of Veidekke Bygg Agder, tel. +47 951 42 740,

atle.monan@veidekke.no

Communications Manager Helge Dieset, Veidekke, tel. +47 90 55 33 22,

helge.dieset@veidekke.no

Veidekke's press photos (https://veidekke.fotoware.cloud/fotoweb/archives/5028

-Pressebilder-Veidekke/)

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Veidekke is one of Scandinavia's largest construction companies. The company

undertakes all types of construction and civil engineering contracts, maintains

roads, and produces asphalt and aggregates. Veidekke emphasises stakeholder

involvement and local experience. Annual turnover is approx. NOK 38 billion, and

around half of its 7,800 employees own shares in the company. Veidekke is listed

on the Oslo Stock Exchange and has posted a profit every year since its

inception in 1936.