FREYR signs initial agreement with MAERSK

FREYR and MAERSK Norge AS have signed a Memorandum of Understanding (MoU) for optimization of FREYR’s global logistics and supply chain and to discuss a potential commercial cooperation regarding use of environmentally friendly battery cells.

Under the MoU, MAERSK and FREYR will work to jointly identify synergies between the two companies’ business activities. This includes to optimize FREYR’s inbound and outbound logistics and supply chain operations during the development and later operations of FREYR’s battery cell facilities in Northern Norway with easy access to an ice-free deep-water port. The parties will also explore potential commercial cooperation regarding technology for sustainable solutions – manufactured at FREYR’s lithium-ion battery cell (LIB) facilities under development in Mo i Rana, Norway.

“Efficient logistics and sustainable supply chain operations are key enablers for FREYR to deliver on our ambition of making the world’s most cost competitive and environmentally friendly battery cells with a significantly reduced carbon footprint based on 100% renewable low-cost energy. We are excited to partner with MAERSK as the global industry-leader to develop our logistics and supply chain network, and as a potential customer to further support their firm goal to decarbonize its fleet by 2050 through a number of environmentally friendly solutions currently being explored.”, says Tom Einar Jensen, the CEO of FREYR.

MAERSK is a leading international logistics company and the world's largest container shipping line, moving 12 million containers every year through over 300 ports in every corner of the globe. The company’s network includes extensive inland truck, rail and barge services. MAERSK also develops innovative supply chain solutions, fusing its global network and expertise with digital innovations to offer holistic, efficient logistics and supply chain solutions to its customers. 

“At MAERSK we strive to help build sustainable, integrated supply chains that drive the future of industries. FREYR represents an innovative and scalable solution for environmentally and ethically responsible battery cells. Under this initial agreement, we aim to work with FREYR to find the most competitive and sustainable solution for end to end logistics along the battery value chain and continue exploring how batteries can support future decarbonizing of the marine, automotive and other sectors”, says Marit Vårdal, managing director for Maersk in Norway.

FREYR is experiencing substantial interest from various customers for high-energy density low cost battery cells. 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. 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 on a running basis.

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.

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Maersk

A.P. Moller - Maersk is an integrated container logistics company, connecting and simplifying trade to help our customers grow and thrive. With a dedicated team of over 80,000, operating in 130 countries we go all the way to enable global trade for a growing world. For more information, visit www.maersk.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 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.

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

MAERSK:
Marit Vårdal, Managing Director Maersk Norge AS                    marit.vardal@maersk.com