FREYR Battery Provides Operations Update
September 06 2023 - 6:01AM
Business Wire
FREYR’s previously communicated plan to
start up initial fully automated production at the CQP by 4Q 2023
remains on track
FREYR Battery (NYSE: FREY) (“FREYR”), a developer of clean,
next-generation battery cell production capacity, provided an
update this morning on the company’s continued operational progress
at the Customer Qualification Plant (“CQP”) in Mo i Rana,
Norway.
Unit cell production
With the initial cell testing program for Nidec Corporation
(TSE: 6594; “Nidec”) underway and following the assembly and
successful charging of unit cells in late June, FREYR has begun
evaluation of the initial cells’ electrochemical properties as well
as key operational performance characteristics of the CQP. The
testing program will support customer acceptance and technology
validation ahead of anticipated shipments of fully automated sample
cell production for Nidec during 4Q 2023.
- To date, more than 67% of the unit cells produced are in
cycling tests showing an increasing ability to convert the upstream
slurry mixing into working cells to undergo formation and aging in
FREYR’s 480 testing channels.
- Several cells show energy density levels which indicate that
FREYR is on track to replicate the energy density of the A samples
from 24M that Nidec tested as part of the Long-Term Sales Agreement
entered into in 2H 2022.
The production of unit cells has continued in parallel with the
completion of commissioning packages to enable fully automated
production.
Process automation
The most recent milestone achieved was the successful start-up
and operation of the cathode Multi-Carrier System (“MCS”). The MCS,
which is a core part of the casting and unit cell assembly
equipment, utilizes a conveyor belt and pallet configuration that
is the front end of the automatic cathode casting process. The
successful software-hardware calibration of the cathode MCS is an
important precursor to fully automated cathode and anode
casting.
Forthcoming process milestones include:
- Automatic cathode and anode casting with solvent slurry to
enable FREYR’s teams to validate operational performance without
the constraints of working in a dry room environment.
- Automated casting with electrolyte slurry.
- Complete commissioning and testing of the merging unit to
enable fully automated production of cells.
FREYR remains on track to meet these milestones to commence
fully automated production at the CQP during 4Q 2023. Achieving
process automation is a key milestone that will position FREYR to
produce and ship sample cells to customers including Nidec, which
is expected to subsequently catalyze the Giga America project
equity farm down process.
“Our CQP team is progressing towards fully automated production,
and we remain on track. Working closely with our partners at Mpac
Group plc, we are advancing towards validating the process and
product characteristics of the 24M SemiSolidTM platform, which we
expect to trigger the next phase of capital formation for our giga
scale LFP battery factories,” commented Birger Steen, FREYR’s Chief
Executive Officer.
“Nidec and our technical advisors have observed and reviewed
FREYR’s battery production activities at the CQP, including initial
electrochemical performance of a number of semi-automatically
produced cells. We are deeply impressed with the progress FREYR has
made and we are encouraged by the initial indications that the 24M
SemiSolidTM production platform is emerging as a breakthrough
technology at GWh scale in the battery space,” added Laurent
Demortier, President of Nidec’s Energy & Infrastructure
division.
FREYR to provide regular operational updates
Moving forward, FREYR will provide updates of CQP and automated
cell production progress through our online presence and social
media channels. FREYR intends to provide notifications of
operational updates through press releases with links to content on
the relevant digital platforms. For more on today’s update, please
visit FREYR’s website.
“FREYR is increasingly recognized as an ‘industrialization
partner of choice’ and we have deep appreciation for the confidence
and support placed in us by our customers, partners, stakeholders,
and shareholders. As we move into the final stretch of validating
GWh scale production of the 24M SemiSolidTM platform we remain
committed to communicating regularly and transparently about our
operational progress and associated capital formation initiatives,”
added Tom Einar Jensen, FREYR’s Executive Chairman and
Co-Founder.
About FREYR Battery
FREYR Battery aims to provide industrial scale clean battery
solutions to reduce global emissions. Listed on the New York Stock
Exchange, FREYR’s mission is to produce clean battery cells to
accelerate the decarbonization of energy and transportation systems
globally. FREYR has commenced building the first of its planned
factories in Mo i Rana, Norway and announced potential development
of industrial scale battery cell production in the United States.
To learn more about FREYR, please visit www.freyrbattery.com
Cautionary Statement Concerning Forward-Looking
Statements
All statements, other than statements of present or historical
fact included in this press release, including, without limitation,
statements regarding the results of our unit cell testing program;
the continuation of our unit cell production; the achievement of
forthcoming milestones for process automation; and the timing to
commence fully automated production at the CQP are forward looking
statements.
These forward-looking statements involve significant risks and
uncertainties that could cause actual results to differ materially
from the expected results. Most of these factors are outside
FREYR’s control and are difficult to predict. Additional
information about factors that could materially affect FREYR is set
forth under the “Risk Factors” section in (i) FREYR’s Registration
Statement on Form S-3 filed with the U.S. Securities and Exchange
Commission (the “SEC”) on September 1, 2022 and (ii) FREYR's Annual
Report on Form 10-K for the year ended December 31, 2022 that was
filed with the SEC on February 27, 2023, available on the SEC’s
website at www.sec.gov.
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version on businesswire.com: https://www.businesswire.com/news/home/20230906541378/en/
Investor contact: Jeffrey Spittel Vice President,
Investor Relations jeffrey.spittel@freyrbattery.com Tel: (+1)
281-222-0161
Media contact: Katrin Berntsen Vice President,
Communication, FREYR katrin.berntsen@freyrbattery.com Tel: (+47)
920 54 570
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