FREYR Battery Establishes Technology Center in Boston
August 22 2022 - 6:01AM
Business Wire
FREYR Battery (NYSE: FREY) (“FREYR”), a developer of clean,
next-generation battery cell production capacity, has opened its
first U.S.-based technology center in Boston in accordance with the
company’s expansion strategy. Listed on the New York Stock
Exchange, FREYR is collaborating with its joint venture (“JV”)
partners from Koch Strategic Platforms (“KSP”) to accelerate the
development of Giga America, the company’s first U.S.
Gigafactory.
In addition to the JV with KSP, which is intended to position
the partners among the largest battery manufacturers in the U.S.,
FREYR has already established a long-term partnership with 24M
Technologies (“24M”), also based in the Boston area. FREYR’s
battery manufacturing process will be initially based on 24M’s
SemiSolid™ platform, which is designed to drive capital and
operational efficiencies relative to conventional production
methodologies.
“The U.S. is a critical strategic market for FREYR. With the
recent passage of the Inflation Reduction Act, the U.S. is on a
path to accelerate the buildout of clean, localized battery supply
chains, which dovetails with our long-term strategy. As we proceed
with site selection for Giga America, establishing our first U.S.
location in close proximity to our partners at 24M will enhance
technology development, collaboration, personnel development, and
strategic coordination,” remarked Tom Einar Jensen, FREYR’s
CEO.
FREYR’s progress to date in the U.S. includes previously
announced conditional offtake agreements with Honeywell (NASDAQ:
HON) and Powin Energy, advancing a rigorous Gigafactory site
selection process, and appointments of key personnel including
Group CFO, Oscar Brown, and Vice President of Investor Relations,
Jeffrey Spittel. With commercial momentum building following the
passage of the Inflation Reduction Act, FREYR is now accelerating
the development timetable for Giga America.
“FREYR aspires to be a global champion in the clean battery
industry, and we plan to achieve this objective by building robust
local capabilities in key end markets such as the U.S. As we
proceed with our plans to accelerate FREYR’s U.S. expansion, our
Boston presence will support our efforts to recruit key talent,
strengthen our strategic partnerships, and establish clean,
localized battery supply chains,” concluded Jensen.
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 green 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 Vaasa, Finland, and
the United States. FREYR intends to install 50 GWh of battery cell
capacity by 2025 and 100 GWh annual capacity by 2028 and 200 GWh of
annual capacity by 2030. 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 FREYR’s aim to establish a strong presence in
the American market and Giga America; the JV’s ability to position
FREYR and KSP among the largest battery manufacturers in the U.S.;
the 24M’s SemiSolid™ platform technology’s ability to ensure that
FREYR’s strategic ambitions for clean and localized battery cell
production are realized; the importance and impact of the Inflation
Reduction Act for the U.S. low-carbon future; FREYR’s ability to
convert any conditional agreements into definitive agreements;
FREYR’s ability to bring speed, scale and sustainability to the
American battery industry; FREYR’s ability to develop energy
storage solutions at multiple GWh scale in the U.S.; FREYR’s
ability to accelerate its plans towards initial site selection in
the U.S. to capitalize on the growing momentum; and the ability of
FREYR’s Boston presence to support the company in securing the
right talent, making critical connections, and working even more
closely with its strategic partners are forward-looking and involve
significant risks and uncertainties that could cause the actual
results to differ materially from the expected results.
Most of these factors are outside FREYR’s control and difficult
to predict. 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-1 filed with the Securities and
Exchange Commission (the "SEC") on August 9, 2021, as amended, and
(ii) FREYR’s annual report on Form 10-K filed with the SEC on March
9, 2022, and available on the SEC’s website at www.sec.gov.
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version on businesswire.com: https://www.businesswire.com/news/home/20220822005023/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 and Public Affairs katrin.berntsen@freyrbattery.com
Tel: (+47) 920 54 570
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