FREYR Bags EUR 100m for Norway Gigafactory

• FREYR Battery (NYSE:FREY) has been awarded a €100 million grant from the European Commission’s Innovation Fund to build a Giga Arctic factory in Norway. Tom Einar Jensen, CEO, expressed his excitement for the project, which will help unlock GWh scale capacity for next generation battery production. Construction begins in June 2022.

Battery cells company FREYR Battery (NYSE:FREY) has won a EUR 100 million (USD 112.2m) grant from the European Commission (EC) Innovation Fund (EUIF) to build the Giga Arctic factory in Mo i Rana, Norway. The grant is part of the total EUR 3.6 billion shared out among 41 large-scale clean tech projects in 15 EU member states. FREYR's chief executive Tom Einar Jensen has expressed his excitement for the project and announced that it will help the company unlock further momentum for next generation battery production capacity at GWh scale. The project was launched in June 2022 and the company appointed a contractor to build it a few months later.

What is the Giga Arctic Factory Project Awarded to FREYR Battery by EUIF?

• The Giga Arctic Factory Project is a clean tech project that was awarded to FREYR Battery by the European Commission Innovation Fund (EUIF).
• The project will enable the construction of a battery cell factory in Mo i Rana, Norway and, according to FREYR's chief executive Tom Einar Jensen, it will help the company unlock further momentum for next generation battery production capacity at GWh scale.
• The Giga Arctic Factory Project was launched in June 2022 and the company appointed a contractor to build it a few months later.
• The grant of EUR 100 million (USD 112.2m) from the EUIF forms part of the total EUR 3.6 billion distributed among 41 large-scale clean tech projects in 15 EU member states.
• FREYR's chief executive Tom Einar Jensen has expressed his excitement for the project as it will enable the company to expand its production capacity and provide innovative battery solutions to customers across Europe.