Innovation Norway provides NOK 100 million in loan to Beyonder

Innovation Norway has granted NOK 100 million to Beyonder through the new Green Growth Loan initiative. This enables Beyonder to accelerate technical and commercial verification of the next generation high-power battery cell, which embeds our proprietary pre-lithiation technology. According to customers feedback, our battery cells are considered as an attractive product. Internal and external analysis uncovers a significant lower total cost of ownership (TCO), combined with a reduced environmental footprint. 

We are happy and proud to be part of this technological evolution and to see that Norwegian government supporting national companies through this critical growth stage. Innovation Norway’s CEO, Håkon Haugli shared to NTB a couple of weeks ago: “This is a substantial loan from Innovation Norway, aiming to develop a Norwegian battery industry. (…) Through Green Growth Loan we are able to share the risk with the companies and contribute by granting them the opportunity to produce batteries that the world needs in new ways.” 

Innovation Norway’s board of director made the final decision in their meeting on Thursday, October 20th.   

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Beyonder, founded in 2016 by its CEO Svein Kvernstuen, develops and produces the next step cells needed in battery technology with high power, fast charging and long lifetime for industry and commercial infrastructure. Utilising super activated carbon made from residue sawdust from the Norwegian forestry industry, Beyonder is producing battery cells for tomorrow´s green infrastructure.