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FREYR Battery Announces Plans for U.S. Gigafactory in Georgia

NEW YORK & OSLO, Norway & LUXEMBURG–(BUSINESS WIRE)–FREYR Battery (NYSE: FREY) (“FREYR”), a developer of next-generation clear battery cell manufacturing capabilities, has introduced the choice and buy of a web site in Coweta County, Georgia for its proposed Giga America battery facility . The Company chosen the Bridgeport Industrial Park web site by way of a rigorous analysis course of based mostly on key operational, logistical and monetary standards, together with the positioning’s suitability to accommodate modular upstream and downstream tasks together with Giga America’s cell fabrication facility.

FREYR plans to start detailed challenge planning for Giga America in the approaching months. The preliminary part of Giga America is meant to be an roughly 34 GWh cell manufacturing module based mostly on the subsequent technology of 24M’s US-based SemiSolid™ manufacturing platform at an estimated preliminary capital price of US$1.7 billion. The firm can also be evaluating value-added upstream and downstream modules and extra cell manufacturing traces, that are anticipated to consequence in whole capital investments in extra of $2.6 billion by way of 2029. Upon completion of all projected phases of building, the Giga America complicated is anticipated to be one of many largest battery cell manufacturing developments in the world.

“Today’s landmark announcement underscores FREYR’s commitment to developing a very strong and near-term operational presence in the United States. Expansion into the US has been a fundamental aspect of FREYR’s long-term strategy from the start, and with the recent passage of the Inflation Reduction Act, we expect US demand for ESS, personal EV and other electric mobility applications to grow rapidly over the next few years is going to be a decade,” commented Tom Einar Jensen, co-founder and Chief Executive Officer of FREYR.

“Job creators and innovators from around the world are bringing their businesses to Georgia because they know they will thrive here,” stated Gov. Brian Kemp. “We are proud to welcome FREYR to the Peach State as the most recent firm bringing transformational funding and alternative to our communities. They shall be a priceless addition to our state’s #1 enterprise location and I stay up for their rising affect on Coweta and the encircling area.”

“We are very pleased to welcome FREYR Battery to the Coweta County community,” stated Coweta County Board of Commissioners Chairman Bob Blackburn. “With the addition of FREYR, Coweta County is rapidly becoming a premier destination for world-class manufacturing industries that support the US economy and beyond. We look forward to the innovations, opportunities and successes that FREYR will generate.”

Consistent with FREYR’s ambitions to speed up the event of Giga America in parallel with the continuing building of Giga Arctic in Mo i Rana, Norway, the Company is intensifying and increasing its funding efforts. The general monetary stimulus bundle for Giga America consists of strong assist offered collectively by the State of Georgia and Coweta County, in addition to the anticipated manufacturing tax credit associated to the lately handed Inflation Reduction Act. In addition, FREYR intends to use to the US Department of Energy for packages that would embody a grant and/or direct loans to assist the event of Giga America.

The US vitality storage market, already the most important in the world, is anticipated to develop exponentially over the subsequent few years. According to Rystad Energy (“Rystad”), to satisfy a 1.6 diploma state of affairs by 2030, a cumulative combination storage requirement of 4.5 TWh from the US and Europe is required. Under the identical state of affairs, Rystad expects annual combination storage demand in the US and Europe to achieve 1.4 TWh by 2030, a 34-fold improve over the corresponding annual demand projected for 2022.

“At FREYR we are intensively committed to the decarbonization of the transport and energy sector. As we advance our U.S. expansion plan in collaboration with our key stakeholders, we anticipate significant investments to spur job creation and the eventual development of localized, decarbonized supply chains in the U.S. to improve energy security and economic activity and meet growing demand energy storage solutions in the US market,” Jensen added.

The Giga America challenge shall be based mostly on the SemiSolid™ know-how from FREYR’s US license accomplice 24M. The SemiSolid™ platform permits capital- and energy-efficient large-scale manufacturing of lithium-ion batteries.

FREYR is at present evaluating clear energy options for the Giga America challenge with US Independent Power Producers (“IPPs”). The firm’s long-term aim is to duplicate the technique employed at Giga Arctic to supply next-generation batteries which might be among the many cleanest in the world.

At 10:00 a.m. EST, FREYR Battery will host a launch occasion dwell from Coweta County, Georgia. The webcast presentation shall be streamed on-line in English. To enter, please use the next hyperlink: https://vimeo.com/event/2591961

A recording of the occasion shall be made obtainable on FREYR’s web site and YouTube channel after the presentation.

Giga America unique idea video: https://vimeo.com/769472495/99ac6163e7

About FREYR Battery

FREYR Battery goals to supply clear battery options on an industrial scale to scale back international emissions. Listed on the New York Stock Exchange, FREYR is on a mission to fabricate clear battery cells to speed up the decarbonization of vitality and transportation methods worldwide. FREYR has begun building of the primary of its deliberate factories in Mo i Rana, Norway and has introduced the potential growth of business scale battery cell manufacturing in Vaasa, Finland and the United States. FREYR intends to put in battery cell capability of fifty GWh by 2025 and 100 GWh annual capability by 2028 and 200 GWh annual capability by 2030. To be taught extra about FREYR, please go to www.freyrbattery.com

Cautionary Note Regarding Forward-Looking Statements

All statements, apart from statements of present or historic reality, contained in this press launch, together with however not restricted to statements concerning the event of the Giga America challenge and its skill to ship an preliminary battery cell manufacturing module of roughly 24 GWh; FREYR’s skill to comprehend the advantages of further value-added upstream and downstream modules; all anticipated capital investments and jobs to be created by way of the event of Giga America; any potential tax advantages and incentives below the Inflation Reduction Act; any forecast US demand for FREYR merchandise and battery know-how usually; FREYR’s skill to comprehend the advantages of its funding efforts; any potential advantages and incentives offered by the State of Georgia, Coweta County and the US Department of Energy; the scope, enlargement and lodging for all FREYR manufacturing amenities in the United States; all of the potential advantages and manufacturing capabilities of 24M’s SemiSolid™ Platform; FREYR’s plans to provoke detailed challenge engineering of Giga America; the potential growth of a devoted Solar Plus storage facility at Giga America; FREYR’s skill to generate innovation, alternative and success in the State of Georgia and Coweta County; any advantages to be gained from finding Giga America in the State of Georgia and Coweta County; the projected storage capability in the US because of the passage of the Inflation Reduction Act and any projections associated to the deployment of battery storage in the US; and FREYR’s expectations to make significant investments to spur job creation and eventual growth of native, decarbonized provide chains in the United States are forward-looking and contain important dangers and uncertainties that would trigger precise outcomes to vary materially anticipated outcomes differ.

Most of those components are past FREYR’s management and are troublesome to foretell. Information about components that would materially have an effect on FREYR is ready forth in the “Risk Factors” part of (i) FREYR’s Registration Statement on Form S-3 filed with the Securities and Exchange Commission (the “SEC”) on September 1, 2022 and ( ii) FREYR’s Annual Report on Form 10-Ok filed with the SEC on March 9, 2022, obtainable on the SEC’s web site at www.sec.gov.

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