Norwegian Li-ion Battery Major Freyr Gets Govt Grant To Scale Up

Mar 4, 2021 06:59 PM ET
  • Norway's Freyr battery (no connection to solar EPC Freyr Energy Solutions in India) has received a grant from Norway's ministry of climate as well as atmosphere, through Enova SF, of NOK-142-million (Rs 1300 crores) to start service a clean battery cell production plant in Mo i Rana, Nordland region. Freyr AS has actually set a target of ending up being a leading battery supplier in Europe, with a 40 GW/h capacity by 2025.

Previously in January this year, Freyr had announced a contract to combine with an unique purpose procurement firm (SPAC) called Alussa Energy Acquisition Corp to protect a listing in New York and also produce a consolidated company with an expected market cap of USD 1.4 billion. The firm wants to utilize accessibility to the United States markets to raise a further $850 million for growth.

Reader's will remember the information this week on India's biggest exclusive sustainable power producer, Renew Power also going a comparable method for its listing in the United States.

Norway, which has the highest rate of conversion to electric lorries on the planet currently, with sales of new lorries dominated by EV's. Share of Ev sales struck a record 54 percent in January 2021. The federal government give to Freyr underscores simply how aggressively nations are relocating to make certain domestic accessibility of batteries, the largest expense element in EV's. India, which has actually also been making relocate to sustain battery manufacturing, might take a leaf out of the Norwegian to identify as well as sustain residential champs faster and extra boldy, to ensure its tough battled strengths in car production are preserved.

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