FREYR has selected and purchased a site in Coweta County,
Georgia for multi-phase Giga America clean battery manufacturing
project
- FREYR is announcing the development of the Giga America clean
battery manufacturing facility based on the next-generation
SemiSolid™ Lithium-Ion Battery Technology platform developed by 24M
Technologies Inc (“24M”) in Boston, MA.
- The project is expected to be developed in multiple phases
beginning with an initial battery cell production module of
approximately 34 GWh at a preliminarily estimated capital
investment of $1.7 billion.
- FREYR plans to undertake detailed plant engineering in the
coming months, during which plans for the initial Gigafactory
module will be finalized. The company and key stakeholders are
evaluating additional value accretive upstream and downstream
modules as well as a second cell production phase, which are
expected to bring total capital investments to more than $2.6
billion by 2029. Over the life of the project, FREYR and its
partners expect to create more than 720 U.S. jobs for highly
skilled workers in Coweta County.
- FREYR has purchased the land for development of Giga America at
the Bridgeport Industrial Park site in Coweta County, GA. The
industrial zoned tract is 368 acres with options secured for
further expansion. The site was selected for Giga America through a
rigorous evaluation process based on key operational, logistical,
and financial criteria. The Giga America site already offers
substantial room for additional upstream and downstream development
projects to further strengthen an anticipated strong cost position
and improve the carbon footprint of the batteries produced.
- The development of Giga America positions FREYR to meet the
rapidly growing customer demand for Energy Storage Systems (“ESS”)
applications with U.S.-based conditional offtake partners. FREYR is
seeing very strong interest for increased volume commitments
through ongoing customer dialogues.
- FREYR is accelerating its previously planned U.S. expansion
based on strong tailwinds in U.S. renewable energy development, an
intensifying focus on grid stability initiatives, and the recently
announced tax incentives associated with the Inflation Reduction
Act. Projected U.S. demand is being augmented further by increased
interest from existing and new customer dialogues in the commercial
mobility and electric vehicle segments.
- FREYR is intensifying and broadening its financing efforts to
support the expected capital commitments for the Giga America
project in parallel with the ongoing construction of Giga Arctic in
Mo i Rana, Norway; the evaluation of highly value accretive
potential upstream and downstream modules in the Nordic region and
the U.S.; and the continued development of FREYR’s
organization.
- The State of Georgia and Coweta County are collectively
providing strong financial incentives for the Giga America project.
FREYR furthermore intends to apply with the U.S. Department of
Energy for packages that could potentially include a grant and/or
direct loan to assist with the development and possible
acceleration of the project.
- FREYR is evaluating clean power supply solutions for Giga
America with utility providers in the region, including the
potential development of a dedicated solar plus storage
facility.
- Giga America will leverage the 24M’s SemiSolid™ platform, which
simplifies the production process of lithium-ion batteries
significantly, enabling highly capital, labor, and energy efficient
manufacturing at scale based on U.S. technology originating from
MIT. FREYR’s project team in the U.S. intends to replicate the
major elements of the Giga Arctic development, which will also be
based on the 24M production platform, by maintaining a continuous
technical dialogue with the company’s key personnel in Norway.
FREYR Battery (NYSE: FREY) (“FREYR”), a developer of clean,
next-generation battery cell production capacity, has announced the
selection and purchase of a site in Coweta County, Georgia for its
planned Giga America battery plant. The company selected the
Bridgeport Industrial Park site through a rigorous evaluation
process based on key operational, logistical, and financial
criteria, including the suitability of the site to co-locate
modular upstream and downstream projects with the Giga America cell
manufacturing facility.
FREYR is planning to initiate detailed project engineering of
Giga America in the coming months. The initial phase of Giga
America is planned to be a cell production module of approximately
34 GWh based on the next-generation of 24M’s U.S.-based SemiSolid™
production platform at an initial projected capital cost of $1.7
billion. The company is also evaluating value accretive upstream
and downstream modules as well as additional cell production lines
that are expected to bring total capital investments to more than
$2.6 billion through 2029. Upon completion of all the contemplated
construction phases, the Giga America complex is expected to be one
of the largest battery cell manufacturing developments
globally.
“Today’s landmark announcement underscores FREYR’s ambition to
develop a very strong and near-term operational footprint in the
United States. Expanding into the U.S. has been a foundational
aspect of FREYR’s long-term strategy from our inception, and with
the recent passage of the Inflation Reduction Act, we expect U.S.
demand for ESS, passenger EV and other electric mobility
applications to grow rapidly over the next decade,” commented
FREYR’s Co-Founder and Chief Executive Officer Tom Einar
Jensen.
"Job creators and innovators from all over the world bring their
operations to Georgia because they know they will have success
here," said Governor Brian Kemp. "We're proud to welcome FREYR to
the Peach State as the latest company to bring transformational
investments and opportunity to our communities. They will be a
valued addition to our No. 1 state for business, and I look forward
to their growing impact on Coweta and the surrounding region."
“We are thrilled to welcome FREYR Battery to the Coweta County
community,” said Coweta County Board of Commissioners Chairman Bob
Blackburn. “With the addition of FREYR, Coweta County is quickly
becoming a premier destination for top-tier manufacturing
industries that support the U.S. economy and beyond. We look
forward to the innovation, opportunities, and success that FREYR
will generate.”
In accordance with FREYR’s ambitions to accelerate development
of Giga America in parallel with the ongoing construction of Giga
Arctic in Mo i Rana, Norway, the company is intensifying and
broadening its financing efforts. The total package of financial
incentives for Giga America includes robust assistance collectively
provided by The State of Georgia and Coweta County in addition to
the expected production tax credits associated with the recently
passed Inflation Reduction Act. Additionally, FREYR intends to
apply with the U.S. Department of Energy for packages that could
include a grant and/or direct loans to assist with the development
of Giga America.
The U.S. energy storage market, which is already the largest in
the world, is expected to experience exponential growth over the
next several years. According to Rystad Energy (“Rystad”), to
satisfy a 1.6-degree scenario, cumulative collective storage demand
of 4.5 TWh from the U.S. and Europe will be required through 2030.
Under the same scenario, Rystad expects annual collective storage
demand in the U.S. and Europe to reach 1.4 TWh by 2030, which
represents a 34-fold increase from projected corresponding annual
2022 demand.
“At FREYR, we are deeply committed to decarbonizing the
transportation and energy sectors. As we advance our U.S. expansion
plan in cooperation with our key stakeholders, we expect to make
meaningful investments to spur job creation and the eventual
development of localized, decarbonized supply chains in the U.S. to
enhance energy security and economic activity and meet the growing
demand for energy storage solutions in the U.S. market,” added
Jensen.
The Giga America project will be based on the SemiSolid™
technology of FREYR’s U.S.-based licensing partner, 24M. The
SemiSolid™ platform enables capital and energy efficient production
of lithium-ion batteries at scale.
FREYR is currently evaluating clean power supply solutions for
the Giga America project with U.S. Independent Power Producers
(“IPPs”). The company’s long-term ambition is to replicate the
strategy employed at Giga Arctic to produce next-generation
batteries that are among the cleanest anywhere in the world.
At 10:00 am EST (16:00 CET) FREYR Battery will host a launch
event live from Coweta County, Georgia. The webcasted presentation
will be streamed online in English. To join, please use the
following link: https://vimeo.com/event/2591961
A recording of the event will be made available after the
presentation on FREYR’s website and YouTube channel.
Video of Giga America initial concept:
https://vimeo.com/769472495/99ac6163e7
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 clean 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 the development of the Giga America project
and its ability to deliver an initial battery cell production
module of approximately 24 GWh; FREYR’s ability to realize the
benefits of additional value accretive upstream and downstream
modules; any expected capital investments and jobs created from the
development of Giga America; any potential tax benefits and
incentives under the Inflation Reduction Act; any projected U.S.
demand for FREYR’s products and battery technology generally;
FREYR’s ability to realize the benefits of its financing efforts;
any potential benefits and incentives provided by The State of
Georgia, Coweta County, and the U.S. Department of Energy; the
scale, expansion, and arrangements for any FREYR production
facilities in the U.S.; any potential benefits and production
capabilities of 24M’s SemiSolid™ platform; FREYR’s plans to
initiate detailed project engineering of Giga America; the
potential development of a dedicated solar plus storage facility at
Giga America; FREYR’s ability to generate innovation,
opportunities, and success in The State of Georgia and Coweta
County; any benefits realized by locating Giga America in The State
of Georgia and Coweta County; the projected storage capacity in the
U.S. due to the passage of the Inflation Reduction Act and any
forecasts related to battery storage deployments in the U.S.; and
FREYR’s expectations to make meaningful investments to spur job
creation and the eventual development of local, decarbonized supply
chains in the U.S. 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/20221111005115/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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