FREYR Battery Enters Strategic Partnership with Hana Technology
August 24 2022 - 5:59AM
Business Wire
FREYR Battery (NYSE: FREY) (“FREYR” or the “company”), a
developer of clean, next-generation battery cell production
capacity, has awarded a strategic alliance frame agreement to South
Korea-based Hana Technology Co. Ltd (“Hana Technology”). Together,
the two companies will jointly develop equipment and automation
solutions for FREYR’s Customer Qualification Plant (“CQP”) in Mo i
Rana, Norway, as well as for FREYR’s planned Gigafactories.
Hana Technology develops precision automation solutions for
battery facilities and other industrial operations. This strategic
alliance frame agreement will enable FREYR and Hana Technology to
customize and co-develop solutions for the CQP, including joint
development projects such as quality control equipment, aging time
reductions, and artificial intelligence updates to systems to
reduce waste.
“We selected Hana Technology due to their proven track record
with major Korean battery manufacturers. We also experienced, as
part of our tender process, that they have the best technical
solution to meet our needs for clean battery cell production. We
aim to collaborate and co-create with them, ensuring that we move
with speed and scale quickly, and make strides towards our goal to
become one of the most sustainable battery producers in the world,”
says Tom Einar Jensen, CEO for FREYR.
Hana Technology is a pre-qualified vendor of 24M Technologies,
Inc. (“24M”), the maker of the 24M SemiSolid™ production platform
which enables lower-cost and more sustainable lithium-ion battery
production. FREYR has licensed the 24M platform with the ambition
to reduce the steps in the battery cell manufacturing process and
subsequently reduce carbon emissions.
“FREYR’s ambition to build sustainable and efficient battery
production facilities is well aligned with our areas of expertise.
By joining forces and co-creating technical solutions for their
planned Gigafactories and for the FREYR CQP that is now underway,
we aim to elevate the standards for clean, cost-efficient battery
cell technology, moving fast together to meet the growing, global
battery demand,” says Insik Lee, Managing Director, Hana
Technology.
As part of the strategic alliance frame agreement, Hana
Technology will specifically support on areas including pouch
assembly, formation and aging, inspection, grading, packaging, as
well as scrap-discharge equipment for FREYR’s Gigafactories. Hana
Technology will also collaborate with FREYR to review, develop, and
improve its technical documentation.
“Our bold ambitions require experienced partners, such as Hana
Technology. We have secured three years of their expertise and
capabilities through this agreement, with the option to extend if
needed. This is yet another step towards securing the capacity we
need as we head towards initial production – according to our
timeline,” adds 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
About Hana Technology
Hana Technology is one of the innovative companies for battery
automation production equipment over 20 years in Korea.
Based on expertise of battery assembly equipment technology, we
have broadened it to formation equipment as well. Hana Technology
is focusing on expand capacity and core technology which make sure
our client’s production efficiency and quality battery
production.
Hana Technology prioritize unique design solution, securing
delivery and special maintenance so that our partner could ensure
production schedule. Qualified reference in market with top tier
battery manufacturer in the world could lead Hana Technology to
next level in the state-of-the-art technology.
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 two companies’ ability to jointly develop
equipment and automation solutions for FREYR’s CQP and planned
Gigafactories; Hana Technology’s ability to meet FREYR’s needs for
clean battery production; FREYR’s ambition to become one of the
most sustainable battery producers in the world; and the 24M
platform’s ability to reduce the steps in the battery cell
manufacturing process and reduce carbon emissions 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/20220824005352/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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