FREYR Battery Provides Operations Update
November 29 2023 - 6:28AM
Business Wire
FREYR achieves important interim milestone
by successfully conducting automated cathode casting trials
FREYR Battery (NYSE: FREY) (“FREYR” or the “Company”), a
developer of clean, next-generation battery cell production
capacity, has provided an update this morning on the company’s
operational progress at the Customer Qualification Plant (“CQP”) in
Mo i Rana, Norway.
Successful automated cathode casting trials
Following successful adjustments to the cathode casting
equipment that included updates to the vacuum system, last week,
FREYR’s teams at the CQP commenced automated cathode casting runs
at a minimum nozzle distance of 0.26 mm.
The CQP teams have subsequently conducted successful cathode
casting runs using the cathode web and solvent slurry at fixed
nozzle distances of 0.5 mm and 1.0 mm, respectively, and at speeds
of 2 meters per minute while using 100 psi of casting pressure.
These successful automated cathode casting runs with solvent slurry
were an important precursor to completing the Casting and Unit Cell
Assembly commissioning packages and the eventual start of automated
CQP production.
“I am very pleased to share that our teams at the CQP have
reached another important interim technical milestone,” commented
Mike Brose, FREYR’s Head of the Asset Mo team. “In doing so, our
people and partners have demonstrated their collective ability to
systematically link small but critical steps together to achieve
the required outcome. We are able to integrate this vital part of
the SemiSolidTM technology platform only because of the many
milestones already completed together over the last several months
by the FREYR Asset Mo team, our coworkers around the world, and our
valued partners and suppliers. As we look forward to 2024, FREYR’s
top priority is to finalize commissioning at the CQP and to begin
automated production of in-spec, customer-testable batteries. With
this latest milestone behind us, we will continue to apply
unwavering focus to the remaining tasks that are necessary to
achieve that goal.”
CQP commissioning status and key next steps
Following the successful automated cathode casting trials, FREYR
has completed handovers of 342 (88%) of the 388 discrete production
line equipment commissioning and testing packages at the CQP. The
test center packages and handovers to operations are all
complete.
The next technical requirements to stay on track with FREYR’s
anticipated completion cadence at the CQP are:
- Replicate the successful automated cathode casting trials with
the anode production line system; and
- Integrate the casting webs across the cathode, anode, and merge
units of the Casting and Unit Cell Assembly equipment using the
highly complex Multi-Carrier Systems (“MCS”) to reach automated
cell production.
About FREYR Battery
FREYR Battery is a developer of clean, next-generation battery
cell production capacity. The company’s mission is to accelerate
the decarbonization of global energy and transportation systems by
producing clean, cost-competitive batteries. FREYR seeks to serve
the primary markets of energy storage systems (“ESS”) and
commercial mobility, and the company maintains an ambition to serve
the passenger electric vehicles market (“EV”). FREYR’s Customer
Qualification Plant (“CQP”) for technology development is in
service in Mo I Rana, Norway, and the company is commencing
development of the Giga America battery manufacturing project in
Coweta County, Georgia, in the U.S. 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 letter, including, without limitation, the
development, construction, timeline, capacity, and other usefulness
of FREYR Battery’s (“FREYR”) production facilities or
gigafactories; FREYR’s ability to complete commissioning of its
Customer Qualification Plant (“CQP”) and to achieve targeted
improvements and the commencement of automated production of
in-spec, customer-testable cells; FREYR’s ability to complete the
technical requirements to stay on track with its anticipated
completion cadence at the CQP; FREYR’s ability to carry out any
successful future trials, implementation or integration of cathode
testing and other technology to reach automated cell production;
and the implementation and effectiveness of FREYR’s overall
business and technology strategies are forward-looking
statements.
These forward-looking statements 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 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 Securities and Exchange
Commission (the “SEC”) on September 1, 2022, (ii) FREYR Battery,
Inc.’s Registration Statement on Form S-4 filed with the SEC on
September 8, 2023 and subsequent amendments thereto filed on
October 13, 2023, October 19, 2023, and October 31, 2023, (iii)
FREYR’s Annual Report on Form 10-K filed with the SEC on February
27, 2023, and (iv) FREYR’s Quarterly Reports on Form 10-Q filed
with the SEC on May 15, 2023, August 10, 2023 and November 9, 2023
and 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 presentation. Should
underlying assumptions prove incorrect, actual results and
projections could differ materially from those expressed in any
forward-looking statements.
FREYR intends to use its website as a channel of distribution to
disclose information which may be of interest or material to
investors and to communicate with investors and the public. Such
disclosures will be included on FREYR’s website in the ‘Investor
Relations’ sections. FREYR also intends to use certain social media
channels, including, but not limited to, Twitter and LinkedIn, as
means of communicating with the public and investors about FREYR,
its progress, products, and other matters. While not all the
information that FREYR posts to its digital platforms may be deemed
to be of a material nature, some information may be. As a result,
FREYR encourages investors and others interested to review the
information that it posts and to monitor such portions of FREYR’s
website and social media channels on a regular basis, in addition
to following FREYR’s press releases, SEC filings, and public
conference calls and webcasts. The contents of FREYR’s website and
other social media channels shall not be deemed incorporated by
reference in any filing under the Securities Act of 1933, as
amended.
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version on businesswire.com: https://www.businesswire.com/news/home/20231129041515/en/
Investor contact: Jeffrey Spittel Head of Investor
Relations jeffrey.spittel@freyrbattery.com Tel: (+1) 409
599-5706 Media contact: Amy Jaick Global Head of
Communications amy.jaick@freyrbattery.com Tel: (+1) 973
713-5585
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