FREYR receives development grant from Innovation Norway

The grant is provided in the “environmental technology” category and relates to Innovation Norway’s task of stimulating research and development projects, domestic value generation and creation of responsible businesses. The grant is expected to be paid during 2021 and follows an evaluation process which started in the fall of 2020. FREYR is targeting development of up to 43 GWh of cost efficient and clean battery cell production capacity in Mo i Rana, Norway, by 2025. The company has previously stated that it plans to utilise next generation battery technology and Norway’s inherent advantages; such as renewable energy, low electricity prices, and closeness to rapidly growing markets in Europe and the US. “Since the outset we have been engaged in the ambition of establishing production of battery cells at Mo i Rana. We are very pleased to be able to further support FREYR in the ongoing industrial development which is important to the Norwegian business community with great potential for job creation and exports. It will contribute greatly to establishing a complete eco-system and value chain for green industry development,” says Håkon Haugli, the CEO of Innovation Norway, in a press release. “FREYR’s ambition is to make battery cells with the world’s lowest carbon footprint. We want to position ourselves as a leading European suppliers of sustainable battery cells based on clean Norwegian energy, next generation technology, battery materials sourced from regional providers and a local ecosystem of sub-suppliers. The support from Innovation Norway is valuable to us, both financially and as a recognition of the ongoing work,” adds Tom Einar Jensen, the CEO of FREYR. FREYR has previously received NOK 9 million in grants from Innovation Norway, bringing total accumulated grants to NOK 48 million or approximately EUR 4.7 million.