FREYR Battery Announces Key Achievements Ahead of Capital Markets Day
June 27 2023 - 6:05AM
Business Wire
FREYR assembles and successfully
charges its first semi-automated battery unit cells at the Customer
Qualification Plant, provides Giga Arctic and Giga America
financing updates, announces technology diversification progress
including a Heads of Terms agreement with Sunwoda Mobility Energy
Technology Co., Ltd., and receives indication that a major
passenger vehicle OEM intends to join FREYR’s recently formed
Energy Transition Acceleration Coalition
- FREYR has assembled and successfully charged its first battery
unit cells at the company’s Customer Qualification Plant (“CQP”)
and is on schedule to ramp process automation, production, and
testing of chargeable cells in H2 2023 and beyond. The
semi-automated assembly of the first unit cells is the first major
post-opening achievement at the CQP less than two years after FREYR
announced its Final Investment Decision (“FID”) of the giga scale
nameplate plant.
- The Norwegian Government is expected to outline a battery
industry support package later this week. Representatives from the
Norwegian Government have publicly stated that they will announce
the framework conditions and financial incentives for the battery
industry in accordance with an updated plan. FREYR is considering a
re-accelerated 2+6 line factory configuration similar to the Giga
America development plan based on positive feedback to date with
targeted SOP in 2025.
- FREYR’s farm-down process for Giga America with strategic
partners is progressing in accordance with the company’s initial
book-building plan. More than 10 strategic and industrial partners
are currently evaluating the opportunity in the data room, and more
than five companies have provided preliminary indications of
participation in the project level equity raise. FREYR recently
welcomed more than 20 financial institutions into the investment
diligence process to facilitate a competitive anticipated closing
of the financing in 3Q 2023 and projected SOP for the initial two
production lines in summer of 2025 as previously
indicated.
- On June 20th, FREYR entered into a Heads of Terms (“HoT”)
agreement with Sunwoda Mobility Energy Technology Co., Ltd.
(“SUNWODA EVB”) to form a partnership with the intention to expand
business in the western hemisphere based on SUNWODA EVB’s
conventional technology.
- FREYR has received an indication that a major passenger vehicle
OEM intends to join FREYR’s strategic energy transition coalition
alongside Caterpillar (NYSE: CAT), Glencore Plc (LN: GLEN), Siemens
AG (GY: SIE), and Nidec Corporation (TSE: 6594). The partnership
between FREYR and the OEM is expected to encompass a strategic
alliance with the ambition to jointly produce fit-for-purpose
passenger EV batteries.
- FREYR’s customer sales pipelines across the Energy Storage
Systems (“ESS”), commercial mobility, and passenger EV segments are
growing rapidly as the company continues to develop heightened
brand awareness in a highly favorable supply-demand environment for
producers of clean battery cells. The company is currently engaged
in more than 70 active dialogues with ESS and e-Mobility customers
across the value chain with counterparties ranging from Independent
Power Producers to battery module technology providers to
commercial vehicle producers. These companies have expressed
indicative demand of more than 600 GWh of cumulative battery
solutions through 2030.
FREYR Battery (NYSE: FREY) (“FREYR”), a developer of clean,
next-generation battery cell production capacity, announced ahead
of today’s inaugural Capital Markets Day that the company has
assembled and successfully charged its first semi-automated battery
unit cells at the CQP in Mo i Rana, Norway.
Tom Einar Jensen, FREYR’s Co-founder, and Chief Executive
Officer, commented “I am delighted with the progress our
organization has made to advance and reach key milestones in recent
months. The semi-automated assembly and successful testing of our
first unit cells is a major achievement for FREYR which paves the
way for our operations and technology personnel to ramp process
automation, battery cell production, and testing of produced cells
to supply our customers with samples in H2 2023. When coupled with
an indicated support package from the Norwegian Government for Giga
Arctic, continued progress with our financing initiatives for Giga
America, and a growing universe of strategic partnerships across an
increasingly robust pipeline of customer opportunities and use
cases for our products, the remainder of 2023 and beyond holds
enormous promise for FREYR and our valued stakeholders.”
As previously communicated, FREYR will host the company’s
inaugural Capital Markets Day this morning, June 27th, live from
the New York Stock Exchange where additional updates will be
provided. The program is scheduled to begin at 10:30 AM EDT/4:30 PM
CET and is expected to last approximately 90 minutes. The event
will be livestreamed to accommodate virtual attendance on FREYR’s
website through the following link:
https://freyrcapitalmarketsday.com/
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 the United States
and Vaasa, Finland. 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 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 Securities
and Exchange Commission 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/20230627010564/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, FREYR
katrin.berntsen@freyrbattery.com Tel: (+47) 920 54 570
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