FREYR Battery and Nidec Corporation Complete Formation of Joint Venture
NEW YORK & OSLO, Norway & LUXEMBOURG- FREYR Battery (NYSE: FREY) (“FREYR”), a developer of clean, next-generation battery cell production capacity, and Nidec Corporation (TSE: 6594) (“Nidec”), a globally leading producer of high-efficiency electric motors and a leader in the energy storage systems (“ESS”) space, have announced that they have established a downstream joint venture, now called Nidec Energy AS (“Nidec Energy”). The newly established Nidec Energy aims to develop and supply highly competitive, integrated battery energy storage solutions (“BESS”) and products with low