The company secured initial financing to start the project, but needs much more to start construction of the plant
Freyr is a new Norwegian company, which intends to become a major player in the lithium-ion battery market and basically the first with a manufacturing plant in Norway.
This month the company has announced that “successfully completed NOK 130 million of pre-construction financing of the first lithium-ion battery cell (LIB) facility in Norway with significant local and regional support”.
“The proceeds will be used to complete the concept and technology selection process and enable a rapid development of the 2 GWh Fast Track battery cell manufacturing plant in Mo i Rana.”
130 million NOK (around €12.2 million/$13.7 million) is only a drop in a sea – enough to manage the project and search for partners and investors, but will require hundreds of million euro more to build the manufacturing facility.
The plan is to start the construction of a 2 GWh (annually) lithium-based battery cell factory in Q2 2021 and then expand to the second-phase with 32 GWh (annually) plant, respectively in the municipalities Rana and Nesna in Nordland, Norway.
Freyr batteries are envisioned for EVs and energy storage, as well as “the segments of marine transportation, aviation and offshore oil through cluster-based R&D initiatives with leading Norwegian and European institutions and companies”.
The company’s ambitions are quite high, as it hints at enough a projected capacity for 600,000 EVs annually.
Torstein Dale Sjøtveit, the Executive Chairman of FREYR said:
“We are very pleased with the commitment from our new investors who share our vision of FREYR developing the first large scale battery cell production facility in Norway. We are increasingly confident that Norway has the potential to become a global leader in battery cell production to satisfy the rapidly growing demand across multiple markets. This strong interest is also a recognition of our position as an early-mover with a favourable location and a strong, differentiating partnership model enabling us to rapidly unlock highly advanced battery cell facilities in Europe.”
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