FREYR advances production of clean battery cells in Norway with final investment decision for customer qualification facility

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LUXEMBOURG–(BUSINESS WIRE) – FREYR Battery (NYSE: FREY or “FREYR”), a developer of clean production capacities for next-generation battery cells, has made a final investment decision (“FID”) by the FREYR Board of Directors to start building the Customer Qualification Plant ( “CQP”) and the first production line for battery cells in Mo i Rana, Norway.

The FID comes after the tendering process has been completed and enables orders to be placed for the delivery of important production systems. The preparatory work for the plant is already underway with a planned commissioning in the second half of 2022. The CQP production line is based on the SemiSolid lithium-ion battery technology from 24M Technologies Inc. (“24M”) and is flexible and has the capacity to meet the expected Meet demand for patterns from specific customer segments over time.

The CQP enables the implementation of 24M technology, the testing of materials and battery cells and the delivery of samples to potential customers in all target market segments. It will further support product optimization and the fulfillment of specific customer requirements in the conditional purchase agreements to be negotiated by FREYR and is therefore strategically important in order to secure final purchase agreements for the planned development of up to 35 GWh of cost-competitive and clean battery cell production capacity by 2025 in Mo i Rana. In addition, FREYR is aiming for an operating capacity of 8 GWh by 2025 through joint ventures in Norway and / or the Nordic region.

“The qualification facility will become Norway’s first industrial-scale production facility for lithium-ion battery cells and support the core principles of our strategy of speed, size and sustainability,” said Tom Jensen, CEO of FREYR. “The rapid expansion of initial production capacities supports ongoing customer dialogue as it validates and improves technologies, materials and cell designs while we prepare for commercial production in our planned gigafactories. The plant will also provide us with an arena for training and development to ensure high quality operations for the entire portfolio of the battery cell factory, ”said Einar Kilde, EVP Projects at FREYR. The customer qualification facility is the first of a total of five factories that the company plans to build in the Mo Industrial Park area.

FREYR’s ambition is to accelerate the decarbonization of transportation and energy systems and to take advantage of Norway’s inherent advantages, including access to renewable energy, low electricity prices, Norway’s highly skilled workforce and proximity to fast-growing markets in Europe and the US. On July 9th, FREYR completed a business combination with Alussa Energy Acquisition Corp. to raise equity for FREYR’s development strategy for battery cell production.

About FREYR battery

FREYR plans to build up to 35 GWh battery cell production capacity in Norway by 2025 and a further 8 GWh through joint ventures in Norway and / or the Nordic region in order to position the company as one of the largest battery cell suppliers in Europe. The facilities will be located in the Mo i Rana industrial complex in Northern Norway and will utilize Norway’s highly skilled workforce and abundant, inexpensive renewable energy sources from hydro and wind in a clear, crisp and energetic environment. FREYR will provide safe, high energy density and affordable clean battery cells for the fast growing global markets for electric vehicles, energy storage and marine applications. FREYR is committed to supporting cluster-based R&D initiatives and the development of an international ecosystem of scientific, commercial and financial actors in order to support the expansion of the battery value chain in our region. Please visit www.freyrbattery.com for more information.

Forward-Looking Statements

The information in this press release includes “forward-looking statements” within the meaning of Section 27A of the Securities Act and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than statements of current or historical fact, contained in this press release including, but not limited to, the development, schedule, capacity, and other usefulness of FREYR’s CQP and proposed gigafactories to develop and commercialize the 24M SemiSolid technology , FREYR’s production EY performance in relation to other market participants and the development of customer and supplier relationships are forward-looking statements.

These forward-looking statements involve significant risks and uncertainties that could cause actual results to differ materially from expected results. Most of these factors are beyond FREYR’s control and difficult to predict. Factors that may cause such differences include the following: (i) FREYR faces significant obstacles in its attempts to scale and commercialize SemiSolid lithium-ion battery platform cell technology and related manufacturing processes that may not be are successful, (ii) FREYR may experience significant delays in the development, manufacture, regulatory approval and market launch of FREYR’s battery cells and in the expansion of the CQP or other planned systems, which could prevent FREYR from marketing products in good time, if at all, (iii) FREYR’s licensing strategy relies heavily on 24M’s process and technology, and disagreements with 24M may affect FREYR’s ability to maximize the benefits of its licensing strategy; (iv) FREYR may not be able to successfully retain target customers and such Kon put in meaningful orders in the future, (v) FREYR may not be able to establish supply relationships for necessary components and materials that will occur or delay the introduction of FREYR’s product and have a negative business impact, and (vi) material Price increases for FREYR’s raw materials and components, some of which are sourced from volatile markets, on which demand may exceed supply, could have a material and negative impact on FREYR’s earnings, financial position and prospects. FREYR advises that the above list of factors is not exclusive. Additional information about factors that could materially affect FREYR is set out in the “Risk Factors” section of documents that FREYR may from time to time file with the Securities and Exchange Commission and which are available on the SEC’s website at www.sec.gov .

Unless otherwise required by applicable law, FREYR disclaims any obligation to update any forward-looking statements, any of which are expressly qualified by the statements in this section, to reflect events or circumstances after the date of this press release. Should the underlying assumptions prove to be incorrect, the actual results and forecasts may differ materially from the forward-looking statements.

Source: FREYR Battery



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