FREYR signs an Memorandum of Understanding with Scatec for the supply of battery cells for cost-optimized energy storage systems
FREYR and Scatec ASA have signed a Memorandum of Understanding (MoU) for future supply of low-cost battery cells with high energy density for the use in cost-optimized energy storage systems combined with solar deployment. The battery cells will be produced at FREYR’s lithium-ion battery cell (LIB) facilities under development in Mo i Rana, Norway.
Under the MoU, Scatec will support FREYR in their development of energy storage systems (ESS) with higher energy density, improved safety and lower cost compared to storage systems based on conventional lithium-ion battery cells.
Subject to FREYR reaching specific technical and commercial requirements, Scatec intends to place orders for battery cells to be included in its project offerings including the pre-assembled containerized Release product range.
“FREYR and Scatec will jointly work to reduce the cost of ESS, to support mass deployment in both grid and off-grid systems. This includes seeking alternative paths to lower overall storage costs, where FREYR’s environmentally friendly lower-cost cells will be combined with other optimizations to drive additional cost savings at a system level”, says Tom Einar Jensen, the CEO of FREYR.
Scatec is an integrated independent renewable power producer, delivering affordable, rapidly deployable and sustainable clean energy worldwide. A long- term player, Scatec develops, builds, owns, operates and maintains renewable power plants and has an installation track record of more than 1.6 GW. The company currently holds total of 1.9 GW in operation and under construction on four continents.
“Cost efficient battery storage will increase the renewable penetration significantly in electricity markets world-wide and technology- and product advancements in the storage space are important to strengthen and diversify access to cost competitive batteries. As a solution provider, implementing battery technologies in our projects, we are excited to support innovation and developments that can result in cheaper and more reliable solutions for our customers. In particular, we find Freyr’s ambition of manufacturing batteries based on Norwegian low cost and clean hydropower attractive”, says Hans Olav Kvalvaag, SVP New Ventures at Scatec.
FREYR is experiencing substantial interest from various customers for high-energy density low cost battery cells. Recently, FREYR announced an MoU for industrial scale offtake for battery cells in marine and stationary segment with Siemens, an MoU with Elkem for long-term supply battery materials, and a framework agreement with 24M Technologies for the in-licensing of a fundamentally improved lithium-ion cell manufacturing process and platform. Multiple other partnerships across the value chain are in the making and will be announced as they are formalized.FREYR is developing an initial pilot plant, a scalable and modularized 2-25 GWh fast-track facility and a 32 GWh battery-cell giga-factory in Mo I Rana. This undertaking will be one of the largest in Europe and 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. FREYR is also deeply committed to supporting the development of an ecosystem of scientific, commercial and financial stakeholders to develop new markets and to meet the growing global demand for battery cells - produced in Norway and the Nordic region - in a profitable, responsible and sustainable way.
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 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 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