FREYR participates at the Industrial Development Programme of the European Battery Alliance (EBA250) 6th Stakeholder Meeting

• FREYR presented how its innovative business model for large scale battery cell supply from Norway based on low cost, green energy will help build a strategic value chain for batteries in Europe
• Speaking at the meeting, Vice President of the European Commission, Maroš Šefčovič, mandated to facilitate flagship innovative battery manufacturing projects, highlighted FREYR as one example of impressive progress in the European battery space over the last few years.

FREYR is a company developing a 32+2 GWh lithium ion battery facility in Norway targeting the rapidly expanding electromobility market in Europe.

FREYR Chairman Torstein Dale Sjøtveit and CEO Tom Einar Jensen, participated at the 6th stakeholder meeting of the industrial development programme of the European Battery Alliance, the EBA250, in Brussels Wednesday, September 25th, 2019 to discuss the building of a value chain for batteries in Europe.

The European Battery Alliance (EBA) was launched in October 2017 by European Commission Vice President Maroš Šefčovič. The purpose is to ensure that all Europeans benefit from safer traffic, cleaner vehicles and more sustainable technological solutions. This will be achieved by creating a competitive and sustainable battery cell manufacturing value chain in Europe.

Presenting at the Brussels meeting, FREYR CEO Tom Einar Jensen emphasised how FREYR’s solution for large scale battery cell supply from Norway will help build the value chain for batteries in Europe:

“We have high availability of raw materials in the Nordic region and world leading green energy costs with abundant potential. Leveraging these comparative advantages and leading battery manufacturing technology partners from across the world, we aim to have large scale battery cell supply up and running in 2023”.

“Battery cell manufacturing has entered a new era of new opportunities. We are building a world-class industrial development organization developing a battery cell manufacturing solution licensing in the best technology available. By combining leading technology, battery cell manufacturing know-how and project execution capabilities, with our green, low cost energy advantage, we aim to make a significant contribution to the European battery value chain”, Jensen added.

Speaking at the Brussels meeting, Vice President of the European Commission, Maroš Šefčovič, who is mandated to facilitate flagship innovative battery manufacturing projects, highlighted FREYR as one of several examples of impressive progress in the European battery space over the last few years.

Preceding this statement, he stated that he was “delighted to see that the European Battery Alliance ecosystem is more active than ever” and that FREYR’s investor InnoEnergy had taken a core role in enabling that with the European Commission.

Relevant links:
The European Battery Alliance: https://www.eba250.com/

InnoEnergy: https://www.innoenergy.com/

Vice-President Šefčovič speech at the launch of the EU Battery Alliance Business Investment Platform by InnoEnergy: https://ec.europa.eu/commission/presscorner/detail/en/SPEECH_19_5874

FREYR AS: https://www.freyrbattery.com/

About The European Battery Alliance (EBA)
The European Battery Alliance (EBA) was launched in October 2017 by European Commission Vice President Maroš Šefčovič. The purpose is to ensure that all Europeans benefit from safer traffic, cleaner vehicles and more sustainable technological solutions. All this will be achieved by creating a competitive and sustainable battery cell manufacturing value chain in Europe.

The economic upside is clear: the market will have an estimated annual value of up to €250 billion by 2025. By combining European cutting-edge competence, financial strength and a cross-industrial approach, a competitive and sustainable production capacity is clearly within reach.

The industrial development programme of the European Battery Alliance is driven by EIT InnoEnergy, thanks to its experience in supporting battery and storage innovations. EIT InnoEnergy took the lead in this work, bringing together more than 120 European and non-European stakeholders representing the entire battery value chain. The network has grown into an open ecosystem of more than 250 stakeholders actively collaborating to build a strong and competitive European battery industry. More info here: https://www.eba250.com/

About EIT InnoEnergy
EIT InnoEnergy is the leading European engine in innovation and entrepreneurship in sustainable energy.  It identifies, selects and support innovative business cases, delivering services such as technology enhancement, growth, access to capital, human capital, industrialization, governance and competitiveness; with the objective to de-risk the selected business case, boost it and shorten the time to market. Over the last 10 years EIT InnoEnergy has invested in 400 cases, and recently had its first unicorn in its portfolio. The company was established in 2010 and is supported by the European Institute of Innovation and Technology (EIT). More info here: https://www.innoenergy.com/

About FREYR
FREYR is a Norwegian Incorporated Company developing a combined 32 GWh lithium ion battery facility and 600 MW onshore wind-park at Mo i Rana and Nesna municipalities in Norway. The company’s products will target the rapidly expanding EV market in Europe and develop additional markets in the marine, stationary storage, short-haul aviation and offshore segments through cluster-based R&D initiatives with leading Norwegian and European institutions and companies. More info here: https://www.freyrbattery.com/

For more information, contact:
Tom Einar Jensen, Chief Executive Officer, tom.jensen@freyrbattery.com
Harald Bjørland, Investor relations and Corporate communication, +47 908 58 221