The Minister of Trade and Industry Launches the Norwegian Government's Battery Strategy at FREYR Battery in Mo i Rana

Rhea-AI Summary

FREYR Battery (NYSE: FREY) hosted the launch of Norway's National Battery Strategy at its giga factory location in Mo i Rana. The strategy aims to develop a profitable battery value chain, enhancing Norway's attractiveness for battery investments. Minister of Trade and Industry Jan Christian Vestre is set to present ten measures to boost battery production, recycling, and sustainable mineral extraction. The initiative aligns with Norway's goal to increase exports and reduce greenhouse emissions significantly by 2030, indicating positive prospects for FREYR Battery's operations.

Positive

• FREYR's location chosen for Norway's National Battery Strategy launch underscores government support.
• The battery strategy aims to enhance investments in Norway's battery value chain.

Negative

• None.

NEW YORK & OSLO, Norway & LUXEMBOURG--(BUSINESS WIRE)-- FREYR Battery (NYSE: FREY) (“FREYR”), a developer of clean, next-generation battery cell production capacity, welcomes the Minister of Trade and Industry to launch the Norwegian Government's National Battery Strategy at FREYR Battery's giga giga factory location in Mo i Rana, Northern Norway.

"Sentraltomta" inside Mo industrial Park (Photo: Business Wire)

This was announced at the Norwegian government’s webpages Monday morning 27th June Norwegian time: https://www.regjeringen.no/no/aktuelt/naringsministeren-lanserer-regjeringens-batteristrategi/id2920877/

FREYR Battery CEO, Tom Einar Jensen, says: “We are very proud that the Norwegian Government has chosen FREYR Battery’s giga factory location in Mo i Rana, as the historic place to launch Norway's National Battery Strategy. We warmly welcome the Minister of Trade and Industry, and experience this as a strong confirmation of the maturity of FREYR Battery’s development of Norway’s first battery facility at giga scale”.

The news release from the Norwegian Government on the Battery strategy, states that:

On Wednesday 29 June at 10.30 am CET, Minister of Trade and Industry Jan Christian Vestre will present Norway's first battery strategy at Freyr Battery in Mo i Rana.

Vestre will present 10 measures for how Norway will develop a coherent and profitable battery value chain, from sustainable mineral extraction to battery recycling. The goal is for Norway to be an attractive host country for profitable activity throughout the battery value chain and to attract the large battery investments and gig factories.

The need for batteries globally towards 2030 is increasing very rapidly, and Norway has good prospects of gaining market share along the entire battery value chain. The battery strategy is part of the government's green industrial boost that will help create new jobs throughout Norway, strengthen investments on the mainland, increase exports outside oil and gas by 50% by 2030 and cut 55% of greenhouse gas emissions by the same year.

The battery strategy is launched with a player who has come a long way with the ambition of establishing the first battery cell factory in Norway.

Location:
FREYR Battery’s giga factory site, Sentraltomta, Mo Industrial Park,
Mo i Rana, Northern Norway.

Information about registration for the press, and internet TV (stream), as well as embedding codes - please go to: https://www.regjeringen.no/no/aktuelt/naringsministeren-lanserer-regjeringens-batteristrategi/id2920877/

View source version on businesswire.com: https://www.businesswire.com/news/home/20220627005371/en/

Investor contact:

Jeffrey Spittel

Vice President, Investor Relations

jeffrey.spittel@freyrbattery.com

Tel: (+1) 281-222-0161

Media contact:

Katrin Berntsen

Vice President, Communication and Public Affairs

katrin.berntsen@freyrbattery.com

Tel: (+47) 9920 54 570

Source: FREYR Battery

FAQ

What is the significance of FREYR Battery's giga factory in Mo i Rana?

FREYR Battery's giga factory is the venue for the launch of Norway's National Battery Strategy, emphasizing its importance in the country's battery production plans.

What are the goals of Norway's National Battery Strategy announced at FREYR Battery?

The strategy focuses on developing a coherent battery value chain, boosting investments, and cutting greenhouse gas emissions by 55% by 2030.

When was Norway's National Battery Strategy launched at FREYR Battery?

The National Battery Strategy was launched on June 27, 2022, at FREYR Battery's location in Mo i Rana.

Who presented the National Battery Strategy at FREYR Battery?

Minister of Trade and Industry Jan Christian Vestre presented the National Battery Strategy at FREYR Battery.

How does Norway's National Battery Strategy affect the future of FREYR Battery?

The strategy could lead to increased investments and market opportunities for FREYR Battery, enhancing its growth prospects in the battery sector.