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FREYR Battery has signed two non-binding MoUs with Finnish Minerals Group and the City of Vaasa to explore the development of large-scale battery cell production in Finland. The company aims to produce up to 43 GWh by 2025 and 83 GWh by 2028, positioning itself as a major European supplier. The partnership includes securing a 90-hectare site in Vaasa for potential battery production. FREYR seeks to build a sustainable supply chain with local materials, supported by Finland’s abundant renewable resources and skilled workforce, while planning to start production in 2025.
FREYR Battery (NYSE: FREY) is set to release its second quarter 2021 financial results on August 12, 2021, at 6:00 AM EDT. The conference call to discuss the results will begin at 8:00 AM EDT. The company is focused on establishing up to 35 GWh of battery cell production capacity in Norway by 2025, aiming to become a major supplier in the European market. This expansion will leverage the country's renewable energy resources and skilled workforce to meet the rising demand for electric vehicles and energy storage solutions.
FREYR Battery has signed a contract with Mpac Lambert for the supply of casting and unit cell assembly equipment for its Customer Qualification Plant in Mo i Rana, Norway. Initially commencing operations in the second half of 2022, this contract marks FREYR's first for critical production line machinery. The partnership aims to industrialize 24M's SemiSolid lithium-ion battery technology, enhancing FREYR's capacity to produce clean, cost-effective battery solutions. FREYR plans to develop up to 35 GWh of battery cell production by 2025, positioning itself as a significant European supplier.
FREYR AS, a Norwegian battery cell developer, has completed its business combination with Alussa Energy Acquisition Corp. on June 30, 2021. The combined entity trades as FREYR Battery on the NYSE under symbols 'FREY' and 'FREY.WS'. The merger is expected to provide about $704 million in gross proceeds, including a $600 million PIPE transaction led by major investors like Koch and Fidelity. FREYR aims to develop up to 43 GWh of battery production capacity by 2025, impacting the global electric vehicle and energy storage markets positively.
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