FREYR Advances Clean Battery Cell Production in Norway with Final Customer Qualification Plant Investment Decision | Business



FREYR Battery (NYSE: FREY, or “FREYR”), a developer of next-generation clean battery cell production capabilities, has made a Final Investment Decision (“FID”) by the FREYR Board of Directors for proceed with the construction of the Customer Qualification Plant (“CQP”) and first battery cell production line in Mo i Rana, Norway.

The FID comes after the completion of tendering processes and allows the award of contracts for the supply of key production equipment. Preparatory work on the installation is already underway with a targeted start of initial operations in the second half of 2022. The CQP production line is based on semi-solid lithium-ion battery technology from 24M Technologies Inc. (“24M” ) and is designed with flexibility and ability to meet anticipated demand for samples of targeted customer segments over time.

CQP enables the implementation of 24M technology, material and battery cell testing, and sample delivery to potential customers in all targeted market segments. It will further support product optimization and meeting specific customer requirements in the conditional drawdown agreements that FREYR plans to negotiate, and is therefore strategically important to secure final drawdown agreements for the planned development of up to 35 GWh of clean and competitive battery cell production capacity. by 2025 in Mo i Rana. FREYR is also targeting a capacity of 8 GWh in operation by 2025 via joint ventures in Norway and / or in the Nordic region.

“The qualification plant will become the first industrial scale lithium-ion battery cell manufacturing plant in Norway, supporting the core tenets of our speed, scale and sustainability strategy,” said Tom Jensen, CEO of FREYR. “The rapid development of initial production capacity supports ongoing dialogues with customers as it will validate and improve cell technology, materials and design as we prepare for commercial production in our planned Gigafactories. The factory will also provide us with a training and development arena to ensure high quality operations for the entire portfolio of battery cell factories, ”said Einar Kilde, EVP Projects at FREYR. The customer qualification factory is the first of a total of five factories the company plans to build in the Mo Industrial Park area.

FREYR has the ambition to accelerate the decarbonization of transport and energy systems and to use the advantages inherent in Norway, including access to renewable energies, low electricity prices, labor force. Highly skilled work from Norway and proximity to rapidly growing markets in Europe and the United States. On July 9, FREYR completed a combination with Alussa Energy Acquisition Corp. by raising equity for FREYR’s battery cell manufacturing development strategy.

About the FREYR battery

FREYR plans to develop up to 35 GWh of battery cell production capacity in Norway and an additional 8 GWh through joint ventures in Norway and / or the Nordic region by 2025 to position the company as one of the largest suppliers of battery cells in Europe. The facilities will be located in the Mo i Rana industrial complex in northern Norway, taking advantage of Norway’s highly skilled workforce and abundant and inexpensive renewable energy sources from hydropower and wind power in a clean, clear and energetic environment. FREYR will provide safe, high energy density and cost competitive clean battery cells to the rapidly growing global markets for electric vehicles, energy storage and marine applications. FREYR is committed to supporting cluster-based R&D initiatives and the development of an international ecosystem of scientific, commercial and financial players to support the expansion of the battery value chain in our region. For more information, please visit

Forward-looking statements

The information in this press release includes “forward-looking statements” within the meaning of Section 27A of the Securities Act and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than statements of present or historical fact included in this press release, including, without limitation, regarding the development, timing, capacity and other usefulness of FREYR’s CQP and planned Gigafactories, development and the commercialization of 24M SemiSolid technology, the manufacturing of FREYR’s capability relative to other market players and the development of customer and supplier relationships are forward-looking statements.

These forward-looking statements involve significant risks and uncertainties which could cause actual results to differ materially from expected results. Most of these factors are beyond FREYR’s control and are difficult to predict. Factors that may cause such differences include, but are not limited to, the following: (i) FREYR faces significant obstacles in its attempts to scale up and commercialize the platform’s cell technology Lithium-ion SemiSolid Battery and associated manufacturing processes, which may not be successful, (ii) FREYR may experience substantial delays in the development, manufacture, regulatory approval and launch of FREYR’s battery cells and the construction from CQP or other planned factories, which could prevent FREYR from bringing products to market in a timely manner, if any, (iii) FREYR’s licensing strategy relies heavily on 24M’s process and technology, and any disagreement with 24M may hamper FREYR’s ability to maximize the benefits of its licensing strategy, (iv) FREYR may not be able to successfully engage target customers and convert c If significant ordering contacts in the future, (v) FREYR may not be able to establish supply relationships for necessary components and materials which could occur or delay the introduction of FREYR’s product and have a negative impact on its business, and (vi) substantial increases in the prices of raw materials and components of FREYR, some of which are obtained in volatile markets where demand may exceed supply, could significantly and negatively affect the results of FREYR. operations, financial conditions and negatively impact FREYR’s outlook. FREYR cautions that the above list of factors is not exclusive. Additional information about factors that could materially affect FREYR are set out in the “Risk Factors” section in documents filed by FREYR from time to time with the Securities and Exchange Commission and available on the SEC’s website at the address

Unless otherwise provided by applicable law, FREYR disclaims any obligation to update any forward-looking statements, all of which are expressly qualified by the statements in this section, to reflect events or circumstances after the date of this press release. If the underlying assumptions prove to be incorrect, actual results and projections could differ materially from those expressed in forward-looking statements.

Source: FREYR battery

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CONTACT: For investor inquiries, please contact: Jeffrey Spittel, Vice President, Investor Relations

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Phone. : (+1) 281-222-0161 Harald Bjørland, Investor Relations

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PUB: 07/19/2021 6:00 a.m. / DISC: 07/19/2021 6:02 a.m.

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