FREYR Battery Awarded €100 Million EU Innovation Fund Grant
July 13 2023 - 11:05AM
Business Wire
FREYR Battery (NYSE: FREY) (“FREYR”), a developer of clean,
next-generation battery cell production capacity, has announced
that the company has been awarded a €100 million grant from the
European Union (“EU”) to support development of FREYR’s Giga Arctic
project in Norway. The grant will be funded through the EU’s
Innovation Fund (“EUIF”) as part of the EU’s efforts to promote
localized production of battery solutions.
“We are delighted with the news we have received from the EU’s
Innovation Fund to support FREYR’s Giga Arctic project,” remarked
Tom Einar Jensen, FREYR’s Co-Founder and CEO. “This grant is a
recognition that batteries represent the key catalyst of the energy
transition supporting regional energy security through faster
deployment of renewable energy. Moreover, this significant
financial commitment provides timely support to continued
development of the Giga Arctic project, which is intended to bring
clean battery products to our customers and partners across Europe.
We look forward to working with the EUIF as well as the Norwegian
Government to unlock further momentum for next generation battery
production capacity at GWh scale in Norway.”
Giga Arctic, which has been under development since FREYR’s
Board of Directors sanctioned the start of construction in June
2022, is designed to be a 29 GWh nameplate capacity facility based
on the 24M Technologies SemiSolidTM manufacturing platform and
powered with 100% renewable hydroelectricity.
According to a report recently published by Minviro, a life
cycle assessment company and independent third-party commissioned
by FREYR, the annual production at the planned Giga Arctic facility
in Norway could enable FREYR’s customers to mitigate 80 million
tons of CO2 emissions over the batteries’ lifetime when used for
renewable Energy Storage Systems (ESS). The projected emissions
mitigation corresponds to almost twice the total amount of CO2
emitted in Norway annually.
The EU’s Innovation Fund is one of the world’s largest funding
opportunities for projects designed to reduce greenhouse gas
emissions. The fund targets highly innovative technologies and
large-scale, flagship initiatives that can bring more value to
Europe in terms of transitioning to a low-carbon continent.
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, are forward-looking
statements. These forward-looking statements involve significant
risks and uncertainties that could cause actual results to differ
materially from the expected results. Most of these factors are
outside FREYR’s control and are difficult to predict. Additional
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 U.S. Securities and Exchange
Commission (the “SEC”) on September 1, 2022 and (ii) FREYR's Annual
Report on Form 10-K for the year ended December 31, 2022 that was
filed with the SEC on February 27, 2023, available on the SEC’s
website at www.sec.gov.
Except as otherwise required by applicable law, FREYR disclaims
any duty to update any forward-looking statements, all of which are
expressly qualified by the statements in this section, to reflect
events or circumstances after the date of this press release.
Should underlying assumptions prove incorrect, actual results and
projections could differ materially from those expressed in any
forward-looking statements.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20230713872755/en/
Investor contact: Jeffrey Spittel Vice President,
Investor Relations jeffrey.spittel@freyrbattery.com Tel: (+1)
281-222-0161
Media contact: Hilde Rønningsen Director Communication
hilde.ronningsen@freyrbattery.com Tel: (+47) 453 97 184
FREYR Battery (NYSE:FREY)
Historical Stock Chart
From Mar 2024 to Apr 2024
FREYR Battery (NYSE:FREY)
Historical Stock Chart
From Apr 2023 to Apr 2024