FREYR Battery Provides Operations Update
04 Ottobre 2023 - 12:01PM
Business Wire
FREYR surpasses most complex remaining
technical hurdle to commence initial fully automated production at
the CQP in 4Q 2023
FREYR Battery (NYSE: FREY) (“FREYR”), a developer of clean,
next-generation battery cell production capacity, provided an
update this morning on the company’s continued operational progress
at the Customer Qualification Plant (“CQP”) in Mo i Rana,
Norway.
Process automation
FREYR has achieved the interim milestone of automatic electrode
casting with solvent slurry. This step, which was met in accordance
with FREYR’s planned timeline, was one of three previously
communicated precursors to reaching initial fully automated
production at the CQP. Last week, FREYR’s project execution and
operations team demonstrated automated casting with solvent slurry
to representatives from Nidec Corporation (TSE: 6594) to validate
operational performance of the Casting and Unit Cell Assembly
equipment without the constraints of working in a dry room
environment.
The final remaining process milestones to reach fully automated
production at the CQP are:
- Automated casting with electrolyte slurry in a dry room
environment.
- Complete commissioning and testing of the merging unit to
enable fully automated production of cells.
FREYR remains on track to meet these milestones to commence
fully automated production at the CQP during 4Q 2023. Achieving
process automation is a key milestone that will position FREYR to
produce and ship sample cells to customers including Nidec, which
is expected to subsequently catalyze the Giga America project
equity farm down process.
“Our projects and operations teams have achieved another key and
highly complex milestone on the path to fully automated production
at the CQP with our partners from Nidec and 24M Technologies on
hand to witness. With the automatic casting trials now
complete, our teams are working around the clock in
cooperation with our colleagues at Mpac Group plc to finalize
commissioning and standard operating procedures, produce cells as
part of our ongoing testing program, demonstrate the unique
capabilities of the 24M SemiSolidTM platform, and commence fully
automated production at the CQP in 4Q 2023,” commented Birger
Steen, FREYR’s Chief Executive Officer.
“I was impressed by the remarkable pace at which the FREYR team
successfully completed its casting trials. This achievement marks a
significant milestone and a pivotal moment for all of us, as it
empowers our collaborative team to address any remaining issues and
commence the start-up of the fully automated CQP line,” added Tim
Rineck, Vice President of Global Operations, 24M Technologies.
Laurent Demortier, President of Nidec’s Energy &
Infrastructure division, commented, “I am very pleased by what I
observed during my most recent visit to FREYR’s CQP. The speed at
which FREYR has been maturing the SemiSolidTM production platform
is both impressive and encouraging. Nidec and FREYR, who are
already collaborating to package FREYR’s battery cells with Nidec
modules to provide integrated, fit-for-purpose Energy Storage
Systems solutions through our Nidec Energy AS Joint Venture, are
now investigating ways in which we can further strengthen our
partnership.”
Additional content available through FREYR’s website and
social media channels
Today’s press release is accompanied by content on FREYR’s
relevant digital platforms. For more information on the automated
casting process and Nidec’s most recent visit to the CQP, please
visit FREYR’s website.
About FREYR Battery
FREYR Battery aims to provide industrial scale clean battery
solutions to reduce global emissions. Listed on the New York Stock
Exchange, FREYR’s mission is to produce clean battery cells to
accelerate the decarbonization of energy and transportation systems
globally. FREYR has commenced building the first of its planned
factories in Mo i Rana, Norway and announced potential development
of industrial scale battery cell production in the United States.
To learn more about FREYR, please visit www.freyrbattery.com
Cautionary Statement Concerning Forward-Looking
Statements
All statements, other than statements of present or historical
fact included in this press release, including, without limitation,
statements regarding the results of our unit cell testing program;
the continuation of our unit cell production; the achievement of
forthcoming milestones for process automation; and the timing to
commence fully automated production at the CQP are forward looking
statements.
These forward-looking statements involve significant risks and
uncertainties that could cause actual results to differ materially
from the expected results. Most of these factors are outside
FREYR’s control and are difficult to predict. Additional
information about factors that could materially affect FREYR is set
forth under the “Risk Factors” section in (i) FREYR’s Registration
Statement on Form S-3 filed with the U.S. Securities and Exchange
Commission (the “SEC”) on September 1, 2022 and (ii) FREYR's Annual
Report on Form 10-K for the year ended December 31, 2022 that was
filed with the SEC on February 27, 2023, available on the SEC’s
website at www.sec.gov.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20231004676539/en/
Investor contact: Jeffrey Spittel Vice President,
Investor Relations jeffrey.spittel@freyrbattery.com Tel: (+1)
281-222-0161 Media contact: Katrin Berntsen Vice President,
Communication, FREYR katrin.berntsen@freyrbattery.com Tel: (+47)
920 54 570
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