Freyr

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.

FREYR means to provide clean battery solutions based on the same battery cell architecture as the ESS products that will certainly be generated at its Giga Arctic battery production center in Mo i Rana, Norway. The framework agreement is non-binding and the orders will certainly be carried out in accordance with the demands of Impact.

Norway's FREYR Battery (NYSE: FREY) as well as Japan-based Nidec Corp (TYO:6594) today officially signed a joint venture (JV) to create, manufacture as well as market battery modules and battery energy storage options as well as products for industrial and utility customers globally.

Based upon projected lithium prices, the gotten volumes relate to total projected revenues in excess of $3 billion for FREYR. Both business have likewise signed an agreement to form a Joint Venture for energy storage space services.

FREYR has released Invitations to Tender for equipment packages needed for the battery cell assembly line for FREYR's pilot plant in Mo i Rana, Norway. The statement of the selected vendor is targeted for completion of May 2021.