FREYR wants to set up battery production in the US
Norwegian battery manufacturer FREYR says that it is currently in negotiations with a major multinational industrial conglomerate to potentially develop battery production facilities in North America.
FREYR and the the potential partner have entered negotiations regarding a draft non-binding memorandum of understanding (MoU) for a potential joint venture to be formed. The purpose of this company is to prepare a project to build battery production and potentially related facilities in North America at a targeted scale at least 50 GWh in annualised battery cell production by 2030, a press release reads. “It is a natural step for FREYR to include North America in our long-term plans for expanding our production of clean, low-cost and low-carbon battery cells. This ambition was clearly validated by the U.S. Department of Energy’s call this week for immediate actions to scale up the U.S. supply chain for battery materials and technologies,” says said Tom Einar Jensen, the CEO of FREYR. The production, or rather potential production, would use U.S.-developed solutions from 24M Technologies, Inc. (24M) at the would be battery manufacturing facility in North America. On 29 January 2021, FREYR announced that it will become a publicly listed company through a business combination with Alussa Energy, raising approximately USD 850 million in equity proceeds to accelerate the development of up to 43 GWh clean battery cell manufacturing capacity in Norway. “Alussa Energy is proud to be merging with FREYR to potentially bring clean, next-generation battery cell production to the North American market utilizing proprietary U.S.-developed technology. The potential joint venture demonstrates that other companies within the battery manufacturing ecosystem view FREYR’s sustainable platform being developed in Norway as a robust starting point for scaling business opportunities into one of the largest markets in the world,” adds Daniel Barcelo, CEO, President and Director of Alussa Energy. FREYR points out in the press release that there is no guarantee that the draft MoU, if entered into, will lead to entry into binding documentation with respect to the potential North American battery venture.