Presentation

FREYR Battery is a cleantech company which develops and manufactures next-generation lithium-ion battery cells for use in electric mobility, stationary energy storage, and marine applications. The development is located in Mo i Rana, Norway, leveraging the access to low-cost and renewable energy. In July 2021, FREYR was listed on NYSE through a SPAC, raising gross proceeds of USD ~700m.

FREYR has decided to go for a partnership-based strategy, including in-licensing technologies in combination with JV partnerships of more proven OEM platforms, enabling both lower execution risk and higher speed to market. The company has entered into an agreement with 24M, a company that has developed a battery cell manufacturing platform that could reduce bill of materials by 25-40% and capex by 50% compared to current conventional technologies. FREYR has already commenced construction of its first qualification plant and is on track for start-up in H2’22. The company targets 43 GWh of battery cell manufacturing capacity by 2025, and 83 GWh by 2030. It also recently entered into an JV with Koch Strategic Platforms to evaluate 50 GWh of additional capacity in the US.