NEW YORK and OSLO, Norway and LUXEMBOURG – (COMMERCIAL LINE). Listed on the New York Stock Exchange, FREYR is working with its joint venture partners (“JV”) of Koch Strategic Platforms (“KSP”) to accelerate the development of Giga America, the company’s first US Gigafactory.
In addition to the JV with KSP, which aims to position partners among the largest battery manufacturers in the United States, FREYR has already established a long-term partnership with 24M Technologies (“24M”), also based in the Boston area. . FREYR’s battery manufacturing process will initially be based on 24M’s SemiSolid ™ platform, designed to increase operational and capital efficiency over conventional manufacturing methodologies.
“The United States is a key strategic market for FREYR. With the recent passage of the Inflation Reduction Act, the United States is on track to accelerate the creation of clean, localized battery supply chains that integrate with our long-term strategy. As we proceed with site selection for Giga America, establishing our first location in the US in close proximity to our partners at 24M will improve technology development, collaboration, staff development and strategic coordination, ”noted Tom Einar Jensen. , CEO of FREYR.
FREYR’s advancements to date in the United States include previously announced conditional withdrawal agreements with Honeywell (NASDAQ: HON) and Powin Energy, the advancement of a rigorous Gigafactory site selection process, and the appointment of key personnel including Group CFO , Oscar Brown and Vice President of Investor Relations, Jeffrey Spittel. With the increase in commercial momentum following the passage of the Inflation Reduction Act, FREYR is now accelerating the development calendar of Giga America.
“FREYR aspires to be a global champion in the clean battery industry and we plan to achieve this by building strong local capabilities in key end markets such as the United States As we move forward with our plans to accelerate FREYR’s expansion into the United States, our presence in Boston support our efforts to recruit key talent, strengthen our strategic partnerships and establish clean and localized battery supply chains, ”concluded Jensen.
FREYR Battery Information
FREYR Battery aims to provide industrial-scale clean battery solutions to reduce global emissions. Listed on the New York Stock Exchange, FREYR’s mission is to produce eco-friendly batteries to accelerate the decarbonisation of energy and transportation systems globally. FREYR has begun building the first of its planned factories in Mo i Rana, Norway, and has announced the potential development of industrial-scale battery cell production in Vaasa, Finland and the United States. FREYR intends to install 50 GWh of battery cell capacity by 2025 and 100 GWh of annual capacity by 2028 and 200 GWh of annual capacity by 2030. For more information on FREYR, visit www.freyrbattery.com
Cautionary Statement Regarding Forward-Looking Statements
All statements, other than statements of current or historical facts included in this press release, including, without limitation, statements regarding FREYR’s goal to establish a strong presence in the American and Giga America markets; the JV’s ability to position FREYR and KSP among the largest battery manufacturers in the United States; the ability of 24M’s SemiSolid ™ platform technology to ensure that FREYR’s strategic ambitions for producing clean and localized battery cells are realized; the importance and impact of the Inflation Reduction Act for the low-carbon future of the United States; FREYR’s ability to convert any conditional agreements into definitive agreements; FREYR’s ability to bring speed, scalability and sustainability to the American battery industry; FREYR’s ability to develop multi-GWh-scale energy storage solutions in the United States; FREYR’s ability to accelerate its plans towards initial site selection in the United States to tap into the growing momentum; and the ability of FREYR’s presence in Boston to support the company in securing the right talent, create critical connections and work even more closely with its strategic partners are forward-looking and involve significant risks and uncertainties that could cause actual results differ materially from those expected results.
Most of these factors are beyond FREYR’s control and difficult to predict. Information on factors that could materially affect FREYR is set out in the “Risk Factors” section in (i) FREYR Registration Statement on Form S-1 filed with the Securities and Exchange Commission (the “SEC”) on August 9, 2021, as amended and (ii) FREYR’s annual report on Form 10-K filed with the SEC on March 9, 2022 and available on the SEC’s website at www.sec.gov.