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 in Northern Norway, leveraging the access to low-cost and renewable energy. In July 2022, 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 is now proceeding with construction of the first qualification plant with production expected to commence in H2’22. The company targets 43 GWh of battery cell manufacturing capacity by 2025, and 83 GWh by 2030.