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FREYR Battery Opens Technology Resources Campus and Business Unit in Japan
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FREYR Battery (NYSE: FREY) has established its first Asia location in Fukuoka, Japan, marking a significant expansion in its clean battery development. This new technology resources campus will focus on the development and testing of the 24M Technologies battery platform. The facility aims to enhance laboratory-scale testing and recruit experienced engineering talent, leveraging Japan's expertise in lithium-ion battery development. Additionally, it will strengthen collaborations with regional 24M licensing partners and suppliers.
Positive
Establishment of first Asia location in Fukuoka, enhancing market presence.
Focus on 24M Technologies battery platform development and testing.
Access to experienced engineering talent in Japan's battery sector.
Strengthened collaboration with regional 24M licensing partners and suppliers.
Negative
None.
Company’s First Asia Location Provides Access to the Region’s Extensive Clean Battery Resources and Expertise
NEW YORK & OSLO, Norway & LUXEMBOURG--(BUSINESS WIRE)--
FREYR Battery (NYSE: FREY) (“FREYR”), a developer of clean, next-generation battery cell production capacity, announced the establishment of a technology resources campus and business unit in Japan. The new business unit is the company’s first physical location in Asia and will focus on efforts to facilitate and scale-up FREYR’s testing and development of the 24M Technologies (“24M”) battery platform. FREYR’s new facility will be located in Fukuoka where the testing equipment is currently being installed.
FREYR’s Japan technology resources unit will primarily be engaged in running electrochemical testing of various materials related to 24M’s technology development, while also providing a platform for the recruitment and hiring of experienced battery engineering talent.
“Japan is a global center for battery development, and consequently home to some of the most experienced and capable lithium-ion battery cell experts in the world,” said Rune Nordgaard, FREYR’s Country Manager, Japan. “Our new technology resources business unit in Fukuoka will advance FREYR’s clean battery development efforts by expanding our capacity for laboratory-scale testing related to 24M’s platform, as well as providing access to advanced technology and a deep pool of experienced engineering talent.”
FREYR also expects that the establishment of its Japan business unit will help accelerate and support its collaboration with other 24M licensing partners based in the region, along with material and equipment suppliers.
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 Vaasa, Finland, and the United States. FREYR intends to deliver a minimum of 50 GWh of battery cell capacity by 2025, over 100 GWh of annual capacity by 2028, and over 200 GWh of annual capacity by 2030. To learn more about FREYR, please visit www.freyrbattery.com.
All statements, other than statements of present or historical fact included in this press release, including, without limitation, statements regarding the Japanese region’s extensive clean battery resources and expertise; the new Japan business unit’s ability to facilitate and scale-up FREYR’s testing and development of the 24M battery platform; the Japan technology resources business unit’s ability to advance FREYR’s clean battery development efforts by expanding FREYR’s capacity for laboratory-scale testing related to 24M’s platform, as well as providing access to advanced technology and a deep pool of experienced engineering talent; the Japan technology resources business unit’s ability to run electrochemical testing on various materials related to 24M’s technology development, while also providing a platform for the recruitment and hiring of experienced battery engineering talent; and the Japan business unit’s ability to accelerate and support its collaboration with other 24M licensing partners based in the region, along with material and equipment suppliers are forward-looking and 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 difficult to predict. 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-1 filed with the Securities and Exchange Commission (the “SEC”) on August 9, 2021, as amended, and (ii) FREYR’s annual report on Form 10-K filed with the Securities and Exchange Commission on March 9, 2022, and available on the SEC’s website at www.sec.gov.
Media contact:
Katrin Berntsen Vice President, Communication and Public Affairs
katrin.berntsen@freyrbattery.com
Tel: (+47) 920 54 570
Source: FREYR Battery
FAQ
What is the significance of FREYR Battery's new Japan location?
FREYR Battery's new location in Japan represents its first footprint in Asia, enhancing its capacity to develop and test its 24M Technologies battery platform.
How will the Japan business unit impact FREYR's operations?
The Japan business unit is expected to expand FREYR's laboratory-scale testing capabilities and facilitate collaboration with local partners, improving overall operational efficiency.
What are FREYR Battery's future capacity goals?
FREYR aims to deliver a minimum of 50 GWh of battery cell capacity by 2025, over 100 GWh by 2028, and over 200 GWh by 2030.
Where is FREYR Battery's new facility located?
FREYR Battery's new facility is located in Fukuoka, Japan.
