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FREYR Battery, Inc. (symbol: FREY) is a forward-thinking company headquartered in Norway, dedicated to producing clean and sustainable battery solutions. As an emerging leader in the lithium-ion battery industry, FREYR Battery is developing a combined 32+2 GWh lithium-ion battery facility and a 600 MW onshore wind park in the Rana and Nesna municipalities in Norway. These projects highlight the company's commitment to leveraging renewable energy sources to power its operations.
The company's primary focus is to cater to the burgeoning electric vehicle (EV) market in Europe, aiming to provide high-density and cost-effective battery solutions with a reduced carbon footprint. In addition to EVs, FREYR Battery's products are designed for various applications, including marine, stationary energy storage, short-haul aviation, and offshore segments. The company collaborates with leading Norwegian and European institutions and companies through cluster-based R&D initiatives to innovate and enhance its product offerings.
FREYR Battery's strategic projects and partnerships underscore its commitment to sustainability and innovation. By combining renewable energy with advanced battery technology, the company is poised to contribute significantly to the global transition towards cleaner energy solutions.
FREYR Battery (NYSE: FREY) reported its fourth-quarter and full-year 2021 results, including key developments in its clean battery production initiatives. The company signed conditional offtake agreements with Honeywell (NASDAQ: HON) and secured negotiations for additional agreements representing over 150 GWh in demand. FREYR plans to combine its two Gigafactories, increasing capacity to 18 GWh. Despite a net loss of $28 million in Q4 2021, cash reserves stood at $565.6 million. The firm aims to finalize more agreements and push for a Final Investment Decision in 2022.
FREYR Battery (NYSE: FREY) has received $11 million in funding from the Norwegian Green Platform initiative to support sustainable battery production. This funding will facilitate a project in collaboration with SINTEF and the Institute for Energy Technology, focusing on reducing environmental impacts in the battery value chain. The initiative underscores the strategic importance of battery development in Norway's decarbonization efforts, with FREYR aiming to enhance sustainability in its operations and expand its capacity to produce green battery cells.
FREYR Battery (NYSE: FREY) will release its fourth quarter and full-year 2021 results on February 28, 2022, at 6:00 AM EST, followed by a conference call at 7:30 AM EST. The call will be accessible via participant dial-in numbers listed in the announcement. FREYR is focused on developing clean battery cell production capacity aimed at reducing global emissions, with plans to build factories in Norway, Finland, and the United States, intending to deliver up to 83 GWh of battery cell capacity by 2028.
FREYR Battery (NYSE:FREY) has secured nine frame agreements with suppliers for materials needed for its Customer Qualification Plant in Norway. The agreements cover 90% of the required materials and set the stage for initial lithium iron phosphate battery cell production set to begin in late 2022. Additionally, FREYR has partnered with Glencore for localized raw material supply and formed a joint venture with Aleees for LFP cathode production. The company aims for a significant reduction in CO2 emissions, targeting 83 GWh production by 2028, potentially generating over $500 million in annual de-carbonization value.
FREYR Battery has submitted its Environmental Impact Assessment (EIA) proposal for a planned battery cell plant in Vaasa, Finland, marking a key step towards construction. The company aims to produce 43 GWh of battery cell capacity by 2025 and 83 GWh by 2028. Vaasa's favorable conditions include affordable renewable energy and access to skilled labor. The EIA process is critical for evaluating environmental impacts and required before making final investment decisions. The target is to complete the assessment by the end of 2022, setting the stage for Finland's first Gigawatt hour scale battery cell facility.
FREYR Battery (NYSE: FREY) has engaged DNV for third-party certification services to ensure compliance with international standards for its management system and products. This partnership aims to enhance project execution and operational excellence as the company scales sustainable battery production. DNV's initial focus will be on assuring operations at the Customer Qualification Plant and future Giga-factories in Mo i Rana, Norway. FREYR aims to deliver up to 43 GWh of battery capacity by 2025 and 83 GWh annually by 2028, contributing to global emissions reduction.
Honeywell and FREYR Battery announced a collaboration to enhance energy storage solutions through the utilization of Honeywell's technology. The agreement includes Honeywell purchasing 19 GWh of battery cells from FREYR, intended for various energy storage applications from 2023 to 2030. This partnership aims to address the growing demand for clean energy storage systems, leveraging both companies' expertise in manufacturing and automation. The project is pivotal to the transition towards renewable energy, with plans for a potential investment decision on FREYR's gigafactory in Norway.
Honeywell (NASDAQ: HON) and FREYR Battery (NYSE: FREY) announced a strategic agreement aimed at integrating Honeywell's advanced technology in FREYR's battery manufacturing process. The partnership involves Honeywell purchasing 19 GWh of battery cells from FREYR between 2023 and 2030 for various energy storage applications. This collaboration aims to deliver smart energy storage solutions for commercial and industrial sectors. The move positions both companies favorably in the transition towards renewable energy and decarbonization efforts.
FREYR Battery (NYSE: FREY) and Aleees (TWSE: 5227) have signed a Head of Terms agreement for a Joint Venture (JV) to establish the world's first giga-scale LFP cathode plant outside China, in the Nordic region. Production is set to begin in 2024, with an initial output of 10,000 tonnes per year, expanding to at least 30,000 tonnes by 2025. The JV aims to create a localized Nordic supply chain, reducing CO2 emissions by 50,000 tonnes annually and enhancing economic benefits for both FREYR and the region.
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