FREYR and Glencore sign MoU for potential supply of traceable battery raw materials

FREYR and Glencore International AG (Glencore) have signed a Memorandum of Understanding (MoU) for the potential supply of ethically sourced and traceable raw materials for inclusion in FREYR’s lithium-ion battery (LIB) cells, which will be produced at planned facilities in Mo i Rana, Norway.  

FREYR and Glencore will jointly work to identify requirements and terms for potential supply of raw materials to FREYR’s planned LIB facilities. For example, the companies will consider joint research and development (R&D) projects to adjust the quality, shape or form of Glencore’s raw materials for better fit into FREYR’s operating units. Additionally, the companies plan to discuss R&D projects for the recycling of lithium batteries. Both companies look forward to discussing how they can enable the transition to a low carbon economy by developing strategies for the use of blockchain technology to improve traceability and transparency of raw materials in the battery supply chain to help document batteries’ life-cycle greenhouse gas emissions. The companies will also support more responsible artisanal and small-scale cobalt mining in the battery supply chain by supporting development of international standards and traceability schemes for cobalt mining.

"Glencore is a global leader in supply and recycling of battery raw materials with a strong focus on responsible sourcing, sustainability and minimizing the impact on the environment. We share the same ambitions and support for the goals of the Paris Agreement through decarbonization of energy and transport systems, and to bring positive change to people and societies. We are therefore pleased to formalize our cooperation with Glencore and strengthen FREYRs sustainable raw materials supply chain”, said Tom Jensen, the CEO of FREYR.

Anna Krutikov, Head of Sustainable Development at Glencore, commented, “The combination of our low-carbon metals with FREYR’s goal of producing batteries with the world’s lowest carbon content is a compelling one. We are excited to be partnering with the leading innovator in its field as we look to realise our ambition of net-zero emissions by 2050.”

There is strong interest for FREYR’s low-cost, high-energy density battery cells produced with renewable energy locally sourced raw materials over time, and state-of-the-art battery cell technology, designs and manufacturing processes. The company has recently announced several initial agreements in the form of MoUs for industrial scale offtake of battery cells in marine and stationary segments and for long-term supply of battery materials and production equipment. FREYR has also signed a non-binding framework agreement with 24M Technologies related to FREYR’s in-licensing of 24M Technologies’ advanced lithium-ion cell manufacturing process and platform.

FREYR continues to develop partnerships across the value chain, which will be announced when they are formalized.

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About FREYR AS

FREYR plans to develop 40+ GWh of battery cell production capacity by 2025 to position as one of Europe’s largest cell suppliers. The facilities are located in the Mo i Rana industrial complex in Northern Norway, leveraging Norway’s highly skilled workforce and abundant, low-cost renewable energy sources from hydro and wind in a crisp, clear and energized environment. FREYR will supply safe, high energy density and cost competitive clean battery cells to the rapidly growing global markets for electric vehicles, energy storage, marine and aviation applications. FREYR is committed to supporting cluster-based R&D initiatives and the development of an international ecosystem of scientific, commercial, and financial stakeholders to support the necessary expansion of the battery value chain in our region. For more information, go to www.freyrbattery.com.

About Glencore International AG

Glencore is one of the world’s largest global diversified natural resource companies and a major producer and marketer of more than 60 commodities. The Group's operations comprise around 150 mining and metallurgical sites and oil production assets. With a strong footprint in over 35 countries in both established and emerging regions for natural resources, Glencore's industrial activities are supported by its global marketing network. Glencore's customers are industrial consumers, such as those in the automotive, steel, power generation, battery manufacturing and oil sectors. We also provide financing, logistics and other services to producers and consumers of commodities. Glencore's companies employ around 160,000 people, including contractors. Glencore is proud to be a member of the Voluntary Principles on Security and Human Rights and the International Council on Mining and Metals. We are an active participant in the Extractive Industries Transparency Initiative.

Contact details
 

FREYR AS

Tom Einar Jensen,CEO                                                        tom.jensen@freyrbattery.com
Steffen Føreid, CFO                                                             steffen.foreid@freyrbattery.com
Hilde Rønningsen, Director of Communications                  hilde.ronningsen@freyrbattery.com


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