FREYR Battery and ITOCHU Partner to Develop Materials Supply Chain
October 27 2022 - 6:01AM
Business Wire
FREYR Battery (NYSE: FREY) (“FREYR”), a developer of clean,
next-generation battery cell production capacity, has announced a
new service agreement with ITOCHU Corporation (“ITOCHU”), the
Japan-based global trading and import/export company. As part of
this agreement, ITOCHU will serve as a direct materials supplier
for FREYR’s procurement and supply chain operations.
“We are excited to partner with ITOCHU, and we intend to build
on their expertise in shipping, planning, and production, as we
establish, maintain, decarbonize, and localize our growing supply
chain. ITOCHU possesses a broad global network of trusted materials
suppliers, which we believe will lead to meaningful benefits for
FREYR as we cooperatively source and price high-quality materials,”
said Dr. Tilo Hauke, EVP Supply Chain Management, FREYR.
“As the world moves towards decarbonization, we see FREYR as an
integral part of enabling a clean and sustainable lithium battery
industry. The supply chain will be an essential part of their
journey towards greater speed and scale in the market, and we are
eager to support them in sourcing the raw materials to meet their
growing needs,” said Yasuhiro Abe, Power & Environmental
Solution Division COO, ITOCHU.
FREYR and ITOCHU previously entered a Memorandum of
Understanding (MoU) in 2020, which outlined a mutual intention to
explore potential opportunities within lithium-ion battery
production and related operations. As FREYR approaches initial
production from the Customer Qualification Plant, the two companies
are deepening collaboration to secure the raw materials required
for FREYR’s planned battery production at giga scale.
ITOCHU and FREYR are both investors in 24M Technologies, Inc.,
FREYR’s U.S.-based technology licensing partner. The 24M production
platform is designed to enable significant reductions in capital
expenditures, factory footprint, energy consumption and raw
materials.
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 ITOCHU Corporation
The history of ITOCHU Corporation dates to 1858 when the
Company's founder Chubei Itoh commenced linen trading operations.
Since then, ITOCHU has evolved and grown over 150 years. With
approximately 100 bases in 62 countries, ITOCHU, one of the leading
sogo shosha, is engaging in domestic trading, import/export, and
overseas trading of various products such as textile, machinery,
metals, minerals, energy, chemicals, food, general products,
realty, information and communications technology, and finance, as
well as business investment in Japan and overseas. For more
information, go to: www.itochu.co.jp.
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 ITOCHU’s ability to serve as a direct
materials supplier for FREYR’s procurement and supply chain
operations; FREYR’s ability to derive meaningful benefits from
ITOCHU’s broad global network of trusted materials suppliers
through cooperatively sourcing and pricing high-quality materials;
FREYR’s integral part in enabling a clean and sustainable lithium
battery industry; the role of supply chain in achieving greater
speed and scale in the lithium battery market; FREYR’s ability to
achieve initial production in its Customer Qualification Plant in
Mo i Rana, Norway; and the 24M production platform’s ability to
enable significant reductions in capital expenditures, factory
footprint, energy consumption and 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.
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version on businesswire.com: https://www.businesswire.com/news/home/20221027005063/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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