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FREYR Battery Strengthens Presence in Finland with New Executive Hire
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Rhea-AI Summary
FREYR Battery (NYSE: FREY) has appointed Tor Stendahl as Managing Director for FREYR Battery Finland Oy, emphasizing strategic leadership in its Finnish operations. Stendahl brings extensive industrial experience from BASF, enhancing FREYR's development in Finland. The company has also secured a temporary lease of 1.3 million square meters in Vaasa, a key area for future initiatives. FREYR aims to install 50 GWh of battery capacity by 2025, ultimately reaching 200 GWh by 2030, underlining its commitment to clean energy solutions.
Positive
Appointment of Tor Stendahl as Managing Director enhances leadership.
Secured temporary lease of 1.3 million square meters in Vaasa for future developments.
Plans to achieve 50 GWh battery capacity by 2025 and 200 GWh by 2030.
Negative
None.
NEW YORK & OSLO, Norway & LUXEMBOURG--(BUSINESS WIRE)--
FREYR Battery (NYSE: FREY) (“FREYR”), a developer of clean, next-generation battery cell production capacity, has announced the appointment of Tor Stendahl as Managing Director for FREYR Battery Finland Oy.
(Photo: Business Wire)
“We are pleased with our initial progress in Finland, and we are excited to onboard an experienced leader to head our operations and take us into the next phase of development. Tor brings an industrial and battery-specific background, and his leadership and relevant experience from the region will be of great value for FREYR,” said Axel Thorsdal, SVP Project Development.
FREYR has signed an agreement with the City of Vaasa, Finland, for the temporary lease of 1.3 million square meters of land in the GigaVaasa area. This land is a candidate future site for FREYR’s developmental initiatives based on the company’s collaboration with the City of Vaasa.
Tor Stendahl, a Finnish national, comes to FREYR from his position as Country Manager Finland/Baltic and General Manager for Battery Materials, Base Metal Services and Recycling at BASF. He has held various leadership and sales roles throughout his 25-year career at BASF, and most recently led the build-up of BASF’s pCAM plant in Harjavalta, Finland. Stendahl holds a master’s degree in chemical engineering from Åbo Akademi University.
“The mission of FREYR is more critical than ever as we transition our energy systems and seek greater reliability and efficiency. My experience from my previous role is initiating and ramping up operations, and I’m thrilled to put that knowledge to work for FREYR as we establish and grow our presence in Finland,” said Tor Stendahl.
Tor Stendahl will assume his new role in FREYR’s Finnish operations during spring 2023.
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 install 50 GWh of battery cell capacity by 2025 and 100 GWh annual capacity by 2028 and 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 FREYR’s ability to realize the benefits of Finland’s strategic importance due to its ample supply of renewable energy, proximity to essential raw materials and highly competent workforce 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-3 filed with the Securities and Exchange Commission (the “SEC”) on September 1, 2022, as amended, and (ii) FREYR’s annual report on Form 10-K filed with the SEC 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 Tor Stendahl's appointment at FREYR Battery?
Tor Stendahl's appointment as Managing Director for FREYR Battery Finland Oy is crucial for leading operations and leveraging his extensive experience in the battery industry.
What land agreement has FREYR Battery signed in Finland?
FREYR Battery signed an agreement for the temporary lease of 1.3 million square meters of land in the GigaVaasa area for future developmental initiatives.
What are FREYR Battery's capacity goals by 2025 and 2030?
FREYR aims to install 50 GWh of battery cell capacity by 2025 and increase it to 200 GWh by 2030 as part of its commitment to clean energy solutions.
When will Tor Stendahl assume his role at FREYR Battery?
Tor Stendahl is set to assume his role in FREYR’s Finnish operations during spring 2023.
