Norwegian Mfr FREYR Bags Off-take Offer to Provide 31GWh Battery Cells in 5 Yrs

Dec 20, 2021 04:07 PM ET
  • Norwegian clean power storage space designer FREYR Battery has implemented its inaugural off-take arrangement for at the very least 31 GWh of low-carbon battery cells with an undisclosed producer and also company of energy storage systems.

The two firms have actually agreed to collectively develop innovative modern technology remedies for the fast-growing worldwide ESS market based upon battery cells manufactured by FREYR.

Norwegian clean energy storage space designer FREYR Battery has implemented its inaugural off-take arrangement for at the very least 31 GWh of low-carbon battery cells with an unrevealed producer and also company of power storage systems (ESS), said a main statement recently.

The two firms have actually agreed to jointly establish innovative innovation services for the fast-growing global ESS market based on battery cells produced by FREYR.


  • Under the terms and also subject to the conditions of the contract, FREYR is to deliver a minimum of 31 GWh of battery cells from 2023 to 2028 from its Norwegian production centers. The awaited volumes stand for near to half the currently approximated manufacturing in Gigafactory 1 in Mo i Rana, Norway in the duration.
  • FREYR's complete possible incomes from this arrangement can relate to approximately $3 billion from 2023-- 2028 based upon FREYR's current price projections.
  • FREYR's new partner is among the biggest technology remedies providers in the international ESS market, with a GWh-scale fleet of deployed ESS capacity globally and also a multi-billion-dollar market capitalisation, declares the firm.
  • The parties will package FREYR's lasting, next-generation battery cells using 24M Technologies' (" 24M") ingenious layout and process system with the companion's leading stationary ESS services to drive standardisation as well as expense optimization in the utility space. 24M's dramatically bigger and thicker electrode design is planned to deliver greater power density per volumetric system while likewise reducing production prices, mentions the company.

" Battery-based energy storage space solutions are essential to accelerating the decarbonization of around the world power systems, and the quickly expanding international ESS market represents a multi-billion-dollar business opportunity for FREYR," said Tom Jensen. "The mix of FREYR's next-generation clean battery manufacturing and also our brand-new partner's deep ESS project proficiency need to provide industrial and utility customers with set apart, integrated options in the battery storage markets internationally."

A current market study report by Goldman Sachs estimates that the yearly total addressable market for battery storage applications will certainly grow to $33 billion by 2030, when overall mounted capacity is forecasted to reach 950 GWh. "FREYR is advancing industrial discussions with added prospective substantial offtake customers in the worldwide ESS market, along with the EV and marine segments," added the firm.

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