FREYR Selects 24M as Technology Partner for Mass Production of the Most Cost-competitive, Environmentally Friendly and Safe Battery Cells

FREYR AS and 24M Technologies Inc. have signed a framework agreement for the in-licensing of the 24M lithium-ion cell manufacturing process and platform. FREYR plans to build, own and operate multiple lithium-ion battery (LiB) cell manufacturing facilities under development in Mo i Rana, Norway using the 24M semisolid electrode platform. The 24M technology provides the most space-efficient, lowest cost and modular manufacturing process for producing the most cost-competitive, environmentally friendly and safe battery cells.

“FREYR is very excited to announce this first selection of a battery cell technology partner. The 24M semisolid solution represents a fundamental redesign of traditional LiB cell technology. Our process with 24M to date has revealed a technology with documented ability to significantly increase energy densities while substantially reducing investments and operating costs compared to traditional LiB solutions on the market today,” says Tom Jensen, the CEO of FREYR.

The 24M manufacturing process uses traditional lithium-ion materials and promises more than a 50% reduction in capital expenditures compared to conventional LiB technologies and provides substantial operational cost savings. The semisolid technology functionally delivers more active material per volumetric unit, delivering higher densities at significantly lower cost via a simpler, more reliable, and safer manufacturing process than current conventional technology. In line with the agreement, FREYR plans to start installing and operating mass production facilities at gigawatt-hour scale capacity in Norway from 2022 and onwards. FREYR is currently preparing to order equipment for an initial large-scale pilot line and aims to start installing the equipment for Norway’s first LiB facility during the second half of 2021.

The signing of the framework agreement follows an initial intentional agreement between FREYR and 24M earlier this year. The companies are currently finalizing the definitive licensing and services agreements. FREYR will pay both upfront- and running licensing fees, which allows for unlimited production and sales of battery cells once the targeted production facilities are up and running.

“24M’s technology supports the development of cost-optimized, application-specific battery cell designs for all of FREYRs target markets. Our use of thicker semisolid electrodes significantly reduces use of materials and capital investment compared to incumbent battery cell designs in addition to providing robust abuse tolerance, long life, 100% quality traceability and unique recycling attributes. We look forward to powering FREYR’s growth journey with our leading technology,” said Naoki Ota, President & CEO of 24M Technologies Inc.

“FREYR is experiencing substantial interest from various customers for low- cost, high-energy density battery cells. The favorable attributes of the 24M battery cell will be instrumental for delivering market-leading solutions to the fastest growing demand segments for batteries globally. With 24M as a technology partner, we are substantially strengthening FREYR’s value chain from the supply of 100% renewable energy with locally sourced raw materials and now state-of-the-art battery cell technology, designs and manufacturing processes, supported by a highly experienced battery cell and project development team,” says Tom Jensen the CEO of FREYR.

In July of 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. On 15 October this year, FREYR announced an MoU for large industrial scale off take for battery cells in marine and stationary segment with Siemens. Also, in October, FREYR announced an MoU with Elkem carbon AS for long-term supply of high-performance battery materials, and multiple other partnerships across the value chain are in the making and will be announced on a running basis.

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About 24M Technologies Inc
24M answers the world’s need for affordable energy storage by enabling a new, more cost-effective solution — SemiSolid™ lithium-ion technology. By re-inventing the design of the battery cell as well as the manufacturing method, 24M solves the critical, decades-old challenge associated with the world’s preferred energy storage chemistry: reducing its high cost while improving its safety, reliability and performance. Founded and led by some of the battery industry’s foremost inventors, scientists and entrepreneurs, 24M is headquartered in Cambridge, Mass. For more information, please visit www.24-m.com.

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.

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

24M
Pang Tan, VP of Business Development info@24-m.com  

About Us

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 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.

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