FREYR and Sumisho Metalex strengthen supply chain partnership to accelerate clean battery cell production in Norway

FREYR and Sumisho Metalex Corporation (SMX) have agreed to strengthen their long-term supply chain partnership,  leveraging SMX’s position as a leading global provider of services, materials, components and manufacturing machineries for lithium-ion battery cells (LiB) to support the development of FREYR’s production facilities in Mo i Rana, Norway.

The two companies have signed a Services Agreement whereby Tokyo-based SMX will support FREYR in identifying and qualifying potential Japanese battery cell technology providers to accelerate the development of FREYR’s facilities to sustainably produce low-cost, high-energy density battery cells based on 100% renewable energy.

SMX has signed a separate agreement to invest in FREYR through provision of services and competencies under the Services Agreement as payment in-kind for equity in FREYR under a planned warrant-program. 

“FREYR has a strong established working relationship with SMX. SMX has been supporting us since 2019 to identify and qualify potential Asian battery cell technology partners. The cooperation extends to exchanging valuable market insights as well as supply-chain considerations to position FREYR to meet customer demand on a global scale. We are now expanding our long-term partnership with SMX to deliver on our ambition as a leading global provider of environmentally friendly battery cells”, says Tom Jensen, the CEO of FREYR.

“It is a pleasure for SMX to have formalized agreements to strengthen the business partnership with FREYR. The European battery industry is growing rapidly, and SMX is in a position to support FRYER to contribute to a carbon neutral society”, says Yoshimitsu Matsuda, President of Sumisho Metalex.

FREYR is experiencing strong interest for low-cost, high-energy density battery cells produced with renewable energy, locally sourced raw materials and state-of-the-art battery cell technology, designs and manufacturing processes. SMX has a comprehensive battery solution offering, including a wide range of battery materials and manufacturing equipment. Through this partnership and collaboration with other mission-aligned partners, FREYR and SMX aim to accelerate the global transition towards net zero emissions.

“FREYR is systematically developing our eco-system of partners and customers and formalizing agreements for supply of high-quality battery materials, production equipment, clean renewable energy supply, as well as engaging partners within battery research and development. The partnership with SMX is an important step towards reaching our ambitions and a confirmation of the quality FREYR sets out to deliver with its clean, low-cost, high-energy density battery cells,” says Ryuta Kawaguchi, the CTO of FREYR.

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About FREYR AS

FREYR is a Norwegian company developing, financing, constructing and operating environmentally friendly lithium-ion based battery cell facilities and an adjacent wind-park in Mo i Rana, Northern Norway.  The company is developing an initial pilot plant, a scalable and modularized 2-25 GWh fast-track facility and a 32 GWh giga-factory using best available technology and globally leading partners powered by low-cost, renewable hydro while also developing a 600 MW wind park. FREYR will supply safe, high energy density and cost competitive green battery cells to the rapidly growing markets for electric vehicles, energy storage, marine and aviation applications in Europe and globally. FREYR is committed to supporting cluster-based R&D initiatives and the development of an ecosystem of scientific, commercial, and financial stakeholders in Norway and Europe to support the necessary expansion of the battery value chain in our region. For more information, go to: www.freyrbattery.com.

About Sumisho Metalex

Sumisho Metalex (SMX) was founded in 1973 as a company for non-ferrous metal sales for the domestic market. As a member of Sumitomo Corporation Group, during the half-century since founded, SMX has gone beyond non-ferrous metal to address the needs of society, turning SMX’s attention globally and expanding SMX’s business all over the world and into many different business sectors as a value-creating solution provider.

Over the next half-century, SMX aim is to be an industry leader that stays a step ahead of global changes, and creates new business models that leverage the capabilities of ICT. For more information, go to: http://www.metalex.co.jp/

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

Sumisho Metalex

Shinji Fukuda, Director                                                   shinji.fukuda@metalex.co.jp
Noboru Sema, General Manager                                   noboru.sema@metalex.co.jp

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