FREYR continues to strengthen team for Norway’s first battery cell factory, appointing new CFO

FREYR has appointed Steffen Føreid as Chief Financial Officer in charge of developing and executing the long-term financial strategy for the construction of world-leading battery cell manufacturing facilities in Norway.

In July this year, FREYR successfully raised NOK 130 million of pre-construction equity financing for the first lithium-ion battery cell (LIB) facility in Norway with strong local and regional support. Føreid, who has more than 20 years of experience from international public and private companies in the energy sector, will be joining the company no later than 1 November 2020.

“We keep expanding a strong team at FREYR with extensive industrial and financial competence to deliver on our ambitions of building world-class battery cell manufacturing facilities in Norway and support the global transition to greener energy solutions,” says Tom Einar Jensen, the CEO of FREYR. “Steffen’s background from capital intensive, large-scale projects within energy infrastructure combined with capital markets and investment banking experience will be very relevant for FREYR as we continue to execute our strategy.”  

Before joining FREYR, Steffen Føreid was ten years with Höegh LNG, serving first as CFO of Höegh LNG Holdings Ltd (OSE:HLNG) and then as CEO/CFO of Höegh LNG Partners LP (NYSE:HMLP). Prior to that, he served as CFO of Grenland Group and held various management positions at the restructuring of Kværner and Aker Kværner. He has further worked within corporate lending and M&A at JPMorganChase.

“The transition to a sustainable global energy system requires changes in the way we generate, store and use energy. FREYR offers a competitive solution to the accelerating demand for batteries as a key enabler for electrification across industries and markets. I look forward to joining the highly experienced FREYR-team and together with my new colleagues, partners of the company and the wider ecosystem develop a new and prosperous industry in Norway” says Steffen Føreid, FREYR’s new CFO.

Earlier this year, FREYR appointed Ryuta Kawaguchi as CTO with 20 years track record from battery cell development in Nissan, Toyota and Dyson. He was joined by senior manufacturing engineer Koray Abatay who had been responsible for production processes in the early phase of the development of Volvo Car Group's electric cars "Polestar 2" and "Volvo XC40 Recharge. In July, Jonathon Milne came onboard the FREYR team as contracts and procurement manager responsible for agreements with partners across areas of supply, technology, utility and construction. Milne has previous experience from Aker Energy, Shell, Wells and BG Group.

“The team will expand further in the weeks and months to come and will provide FREYR with added momentum in realizing our ambitions. The right combination of people, technology, capital and a shared vision provides a solid platform for successfully building the first battery cell facility in Norway”, adds Tom Einar Jensen.

FREYR’s plan is to start construction of an initial fast-track 2 GWh battery cell facility in June 2021 with production commencing late 2022. This will be followed by a 32 GWH giga-factory development in two phases with production estimated to start in 2024.

This combined undertaking will be one of the largest in Europe and will produce lithium-ion battery cells (LIBs), through a partnership-based approach based on best technology available at any given point in time. FREYR is continuing to expand its value chain and establishing formal relationships related to technology, raw-material supply, equipment and machinery, production systems and customers.

Tom Einar Jensen, Chief Executive Officer, tom.jensen@FREYRbattery.com

Hilde Rønningsen, Director of Communications, hilde.ronningsen@FREYRbattery.com

FREYR is a Norwegian company in the process of developing, financing, constructing and operating 2+32 GWh annual capacity worth of lithium-ion based battery cell facilities and a 600 MW wind park in the municipalities of Rana and Nesna in Nordland, Norway. The company will supply sustainably produced, cost competitive battery cells to the rapidly growing market for electric vehicles and energy storage in Europe and globally, as well as develop other markets within the segments of marine transportation, aviation and offshore oil through cluster-based R&D initiatives with leading Norwegian and European institutions and companies. For more information, see the home page at: freyrbattery.com