FREYR, a Norway-based company specializing in clean, advanced battery cell development, revealed on Thursday, July 13, that it has secured a €100M grant from the European Union. The funding will be allocated towards the advancement of FREYR’s Giga Arctic project, located in Norway.
The generous grant is backed by the EU’s Innovation Fund (EUIF), reflecting the EU’s commitment to enhancing localized battery production.
The EU’s Innovation Fund stands as a major financing resource for initiatives aimed at reducing greenhouse gas emissions. The fund specifically targets “innovative” technologies and ambitious, large-scale projects that can contribute to Europe’s transformation into a low-carbon continent.
Transforming Transportation and Energy Systems towards Decarbonization
Established in 2018 under the leadership of CEO Tom Einar Jensen, FREYR presents an eco-friendly Nordic solution to meet the growing global demand for high-density, affordable battery cells used in stationary energy storage (ESS), electric mobility, and maritime applications.
The primary goal of the company is to manufacture environmentally-friendly battery cells that expedite the global decarbonization of energy and transportation systems.
FREYR has commenced the construction of its initial plant in Mo i Rana, Norway, and has indicated potential expansion of industrial-scale battery cell production to Vaasa, Finland, and the United States.
By 2025, the company aims to incorporate 50 GWh of battery cell capacity, followed by 100 GWh per year by 2028, and finally, 200 GWh of annual capacity by 2030.
Executive Chairman and founder of FREYR, Torstein Dale Sjøtveit, emphasizes the pressing need to significantly accelerate large-scale CO2 emission reduction efforts within the next decade. He highlights electrification and batteries as crucial components of the solution, presenting an exciting and sustainable growth opportunity in the market.
About the Giga Arctic Project
Giga Arctic, a project initiated by FREYR and approved by the Board of Directors in June 2022, is an advanced facility with a nameplate capacity of 29 GWh. It utilizes the innovative SemiSolidTM manufacturing platform developed by 24M Technologies and operates exclusively on renewable hydroelectric power.
According to a report commissioned by FREYR and conducted by Minviro, an independent life cycle assessment company, the annual production capacity of the Giga Arctic facility, currently under construction in Norway, has the potential to enable FREYR’s clients to reduce approximately 80 million tonnes of CO2 emissions over the lifespan of batteries utilized for renewable Energy Storage Systems (ESS). This reduction in emissions is roughly equivalent to twice the annual CO2 emissions of Norway.
Expressing his satisfaction, Tom Einar Jensen, co-founder of FREYR, states, “We are pleased to receive the positive news regarding the EU’s Innovation Fund support for FREYR’s Giga Arctic project. This grant acknowledges that batteries play a crucial role in the energy transition and contribute to regional energy security by accelerating the deployment of renewable energy.”
Jensen further adds, “Additionally, this substantial financial commitment provides timely support for the ongoing development of the Giga Arctic project, which aims to deliver clean battery products to our customers and partners across Europe. We eagerly anticipate collaborating with the EUIF and the Norwegian Government to unlock further opportunities for large-scale, next-generation battery production capacity in Norway.”