July 20, 2023: Freyr Battery is awarded €100 million ($112 million) from the European Union to assist its Giga Arctic mission in Norway.
The grant, from the EU’s Innovation Fund, offers well timed assist for the continued growth of Freyr’s 29GWh nameplate capability mission, co-founder and CEO Tom Einar Jensen stated on July 13.
Freyr’s board gave the go-ahead to start building of the ability in June 2022.
The Giga Arctic will probably be powered by 100% renewable hydroelectricity, the corporate says.
Final November, Freyr introduced it was shopping for a web site within the US state of Georgia to construct its deliberate Giga America battery cell manufacturing facility.
The primary section of the mission has an annual manufacturing capability of 34GWh.
In March, Freyr held an inaugural ceremony for a separate battery cell at a buyer qualification plant in northern Norway.
The CQP in Mo i Rana hosts an industrial-scale demonstration battery cells manufacturing line primarily based on the semi-solid lithium ion know-how of 24M.
Freyr plans to develop as much as 43GWh of battery cell manufacturing capability by 2025, with the ambition of as much as 83GWh of whole capability by 2028.