FREYR Battery Selected by European Union Innovation Fund for Grant Award
24 Ottobre 2024 - 2:18PM
Business Wire
European Union Innovation Fund selects FREYR
for €122 million grant award to support FREYR’s potential joint
venture Cathode Active Materials manufacturing project in
Finland
FREYR Battery, Inc. (NYSE: FREY) (“FREYR” or the “Company”), a
developer of sustainable battery and clean energy solutions,
confirmed this morning that the European Union Innovation Fund
(“EUIF”) has selected FREYR for a €122 million grant award to
develop the Company’s potential joint venture Cathode Active
Material (“CAM”) manufacturing project in Vaasa, Finland.
“We are very grateful to be selected for this grant award from
the EU Innovation Fund, which demonstrates the EU’s continued
support for FREYR’s ongoing industrialization efforts of
sustainable battery value chain solutions,” commented Tom Einar
Jensen, FREYR’s Co-founder and Chief Executive Officer. “FREYR is
focused on its development efforts in the U.S. while we continue to
explore avenues to unlock shareholder value from our portfolio of
real assets and potential projects in Norway and Europe such as the
proposed CAM facility in Finland. We look forward to collaborating
with our colleagues at the EUIF to finalize this grant.”
This EUIF grant is tied to a proposed Cathode Active Materials
(CAM) project in Vaasa, Finland and the project is targeting
development of an industrial scale LFP CAM facility with an initial
nameplate capacity of 30,000 tons per year.
The selection for a grant award is an important step towards
formal finalization of the award upon satisfaction of various
criteria, expected to be completed during the 1st quarter of 2025.
Concurrently, FREYR continues the work with its technology
licensor, partners, customers, and other stakeholders to further
develop the basis for the CAM project.
About FREYR Battery
FREYR Battery is a developer of sustainable battery and clean
energy solutions. The Company’s mission is to accelerate the
decarbonization of global energy systems by industrializing
technologies across the battery and renewables value chains.
FREYR’s portfolio of real assets includes its Customer
Qualification Plant (“CQP”) for technology research and development
in Mo i Rana, Norway, and the Giga Arctic and Giga America project
site assets. To learn more about FREYR, please visit
www.freyrbattery.com.
Cautionary Statement Concerning Forward-Looking
Statements
This press release contains forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of
1995. All statements contained in this press release that do not
relate to matters of historical fact should be considered
forward-looking statements, including without limitation with
respect to the Company’s operational performance and profitability.
These forward-looking statements are based on management’s current
expectations. These statements are neither promises nor guarantees,
but involve known and unknown risks, uncertainties and other
important factors that may cause actual future events, results or
achievements to be materially different from the Company’s
expectations and projections expressed or implied by the
forward-looking statements. Important factors include, but are not
limited to, actions of activist stockholders and those discussed
under the caption “Risk Factors” in the Company’s Annual Report on
Form 10-K for the year ended December 31, 2023 (the “Form 10-K”)
and the Company’s other filings with the SEC. Forward-looking
statements speak only as of the date of this press release and are
based on information available to the Company as of the date of
this press release, and the Company assumes no obligation to update
such forward-looking statements, whether as a result of new
information, future events or otherwise, except as required by
law.
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version on businesswire.com: https://www.businesswire.com/news/home/20241023919209/en/
Investor contact: Jeffrey Spittel Senior Vice President,
Investor Relations & Corporate Development
jeffrey.spittel@freyrbattery.com Tel: (+1) 409 599-5706
Media contact: Amy Jaick Global Head of Communications
amy.jaick@freyrbattery.com Tel: (+1) 973 713-5585
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