FREYR signs initial agreement with MAERSK

Adding to this the parties will discuss a potential commercial cooperation regarding use of environmentally friendly battery cells. Under the MoU, MAERSK and FREYR will work to jointly identify synergies between the two companies’ business activities. This includes the optimisation of FREYR’s inbound and outbound logistics and supply chain operations during the development and later operations of the company’s battery cell facilities in Northern Norway. The parties will also explore potential commercial cooperation regarding technology for sustainable solutions – manufactured at FREYR’s lithium-ion battery cell facilities currently under development in Mo i Rana, Norway. MAERSK is an international logistics company and one the world's largest container shipping line, moving 12 million containers every year through over 300 ports in every corner of the globe. The company’s network includes extensive inland truck, rail and barge services. FREYR says that it is experiencing substantial interest from various customers for high-energy density low cost battery cells. In July this year, the company successfully raised NOK 130 million of pre-construction equity financing for the first lithium-ion battery cell facility in Norway with strong local and regional support. More recently, FREYR announced an MoU for industrial scale offtake for battery cells in marine and stationary segment with Siemens, an MoU with Elkem for long-term supply battery materials, and a framework agreement with 24M Technologies for the in-licensing of an improved lithium-ion cell manufacturing process and platform.