FREYR secures €7.25 million investment from EIT InnoEnergy to build a 32 GWh battery cell production facility in Norway

Early April, FREYR announced its ambition to build a 32 GWh giga-factory that will produce Lithium-Ion Battery (LIB) cells based on proven in-licensed technology. Associated with the battery facility FREYR also intends to develop a 600 MW onshore wind-park in Sjonfjellet (Sjon mountain) that will ensure battery cell production powered by 100% renewable, clean wind and hydroelectric power.

European demand for battery cells is expected to exceed 400 GWh by 2025. FREYR’s LIB cells will address both the growing demand from the automotive market and the one from the maritime (where Norway is playing a first mover role), stationary storage, industrial applications and other niche markets in Europe.

Europe needs to build the supply for the increased demand, and since a factory requires four years between decision and first cell out, FREYR project is very timely. Part of the financing will be dedicated to establishing an organisation focused on in-licensing of battery cell manufacturing technology.  The financing will also enable FREYR to develop market verticals where Norway is a front runner (i.e. maritime). Beyond the investment, EIT InnoEnergy aims at co-developing an in-licensing blueprint together with FREYR that can be utilised as reference by other players, in order to accelerate the transition to battery driven applications.