HON Honeywell International Inc

By Colin Kellaher

Shares of FREYR Battery rose more than 10% in premarket trading after the Norwegian battery maker said it plans to work with industrial conglomerate Honeywell International Inc. to develop smart energy storage offerings aimed at a range of commercial and industrial customers.

The companies said FREYR plans to use Honeywell's technology offerings, including integrated automation, field instrumentation and security integration products, in its manufacturing process. Honeywell will buy 19 gigawatt hours of battery cells produced by FREYR from 2023 through 2030 for a multitude of energy storage systems applications, the companies said.

Honeywell, which has committed to achieve carbon neutrality in its operations and facilities by 2035, said its work with FREYR builds on its efforts to reduce the greenhouse-gas intensity of its own operations and facilities, and to develop products to help its customers meet their own environmental and social goals.

FREYR shares, which closed Tuesday at $8.65, were recently up 10.5% to $9.56 in premarket trading.

Write to Colin Kellaher at colin.kellaher@wsj.com

(END) Dow Jones Newswires

January 19, 2022 06:43 ET (11:43 GMT)

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