FREYR Battery (NYSE: FREY) (“FREYR”), a developer of clean,
next-generation battery cell production capacity, has entered into
an agreement with Aleees (TWSE: 5227), the Taiwan-based
lithium-iron phosphate (“LFP”) cathode battery material
manufacturer. The agreement, which includes ongoing services and
support from Aleees, provides FREYR with a worldwide license to
produce and sell LFP cathode material based on Aleees’ technology,
and to build production facilities leveraging Aleees’ industrial
expertise. FREYR anticipates that the agreement will enable FREYR
to meet the future LFP cathode material needs of the Giga Arctic
battery production facility in Mo i Rana, Norway. Volumes could
furthermore be deployed to FREYR’s planned Giga America project in
the U.S.
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Aleees and FREYR Battery signs license
and service agreement (Photo: Business Wire)
Aleees offers complete LFP cathode battery material
manufacturing technology and related patents to customers,
primarily within the energy storage and EV battery spaces. Through
the license and services agreement, FREYR has obtained
non-exclusive rights to use Aleees’ technology and production
methodology related to active LFP cathode material.
FREYR previously announced plans to establish an LFP cathode
plant in the Nordic region with the ambition to commence production
in 2024, coinciding with the anticipated ramp-up of operations from
Giga Arctic. Establishing a Nordic LFP cathode supply chain is
expected to bring strong economic benefits to FREYR and the Nordic
region based on localized and decarbonized production and
transportation of raw materials to battery cell manufacturing
facilities. FREYR is also in initial discussions with other 24M
licensing partners for the potential sale of LFP material produced
by FREYR which could enable value creating opportunities through
further upscaled and decarbonized production facilities.
“There is high global demand at present for active cathode
material in general and LFP material in particular. By consummating
this licensing agreement with Aleees, FREYR is well-positioned to
achieve speed and scale of LFP cathode production for our Giga
Arctic battery manufacturing plant and beyond. Aleees is one of the
best-established LFP cathode producers outside of mainland China
and is recognized for their world-class production technology.
FREYR should derive an advantage by accessing the knowledge and
capabilities of the Aleees team to help FREYR build a strong,
localized supply chain for high quality raw materials,” commented
Dr. Tilo Hauke, EVP of Supply Chain Management, FREYR.
“We are eager to support FREYR in bringing more innovation and
greater sustainability to the battery industry. This license
agreement lays the foundation to the start of a long and beneficial
relationship, in which we will bring our expertise and ability to
the Nordic region, to ensure that the supply chain stays local
while battery production remains global, to keep up with the
intense demand stemming from the ongoing energy transition,” added
Edward Chang, Chief Executive Officer of Aleees.
Aleees is an approved supplier of LFP cathode material to 24M
Technologies, Inc. (“24M”), FREYR’s U.S.-based partner. 24M’s
SemiSolid™ technology platform features a larger and thicker
electrode design that is intended to deliver higher energy density
per volumetric unit while also reducing production costs.
“Earlier this year, we announced our intention to explore
opportunities with Aleees as a potential partner for LFP cathode
development. With the licensing agreement now signed, I’m pleased
to say that we are in a solid position to keep momentum on our
journey to localize and decarbonize battery cell production and
their supply chains in the Nordic region. LFP cathode materials
comprise 40% or more of the cost of a battery cell and currently
account for more than 45% of the projected full-cycle supply chain
carbon footprint of cells. Through this agreement and in
cooperation with Aleees, FREYR is positioned to become a low cost
and low carbon producer of LFP cathode material. We are honored and
pleased to add Aleees to our continuously growing list of leading
partners in the sustainable battery value chain,” commented FREYR’s
Co-Founder and Chief Executive Officer Tom Einar 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 Aleees
Aleees (TWSE: 5227), founded in 2005 with main office and
factory located in Taiwan, is a lithium-iron phosphate (LFP)
battery material manufacturer with longest history as well as an IP
licensor in the world, and is also one of the few companies outside
China with [complete] LFP battery material manufacturing technology
and patents. Aleees Taiwan owns more than 120 exclusive patents
worldwide, with customers including world-renowned energy storage
battery and EV battery customers across Europe, U.S., Japan, Korea,
and Asia. At present Aleees co-develops various types of LFP, LFMP
products with more than 40 global customers, and produces
high-quality, low-cost, and long-life cycle LFP cathode materials.
In the 17 years since its establishment, it has accumulated more
than 15,000 tons of LFP product shipments totally from Taiwan
facility.
At the same time, Aleees has also achieved outstanding results
in ESG, and its corporate governance performance has been among the
top 5% of all listed companies in Taiwan for 7 consecutive
years.
Aleees is committed to providing customers with first-class
quality, safe and reliable products, and has obtained major
international certifications including ISO9001, ISO14001, ISO14064,
ISO/TS 16949, OHSAS18001 and corporate social responsibility AA1000
and so on.
For more information, please visit www.aleees.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 ability to develop clean battery
solutions and achieve large-scale battery cell production; the
licensing agreement’s ability to enable FREYR to supply the future
needs of its Giga Arctic battery production facility in Mo i Rana,
Norway; the possibility that volumes could eventually be deployed
to FREYR’s planned Giga America project in the U.S.; the ability of
initial discussions with other 24M licensing partners for the
potential supply of LFP material to enable value creating
opportunities through upscaled and decarbonized production
facilities; the projection that LFP cathode materials are expected
to account for 45% of the projected full-cycle supply chain carbon
footprint of cells to be produced in Mo i Rana; the expectation
that a Nordic LFP cathode supply chain will bring strong economic
benefits to FREYR and the Nordic region based on localized and
decarbonized production and transportation of raw materials to
battery cell manufacturing facilities; FREYR’s ability to achieve
speed and scale when it comes to producing LFP cathode for FREYR’s
Giga Arctic battery manufacturing plant; 24M’s SemiSolid™
technology platform’s ability to deliver higher energy density per
volumetric unit while also reducing production costs; the licensing
agreement’s ability to lay the foundation for keeping up with the
intense demand stemming from the ongoing energy transition; and the
ability of Aleees’ knowledge and capabilities to contribute in
achieving FREYR’s goal of building a strong, localized supply chain
for quality raw materials 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-3 filed with the Securities and
Exchange Commission (the "SEC") on September 1, 2022, and (ii)
FREYR’s annual report on Form 10-K filed with the SEC on March 9,
2022, available on the SEC’s website at www.sec.gov.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20221010005330/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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