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FREYR Battery Achieves Automation Milestone: In a significant development, FREYR Battery has successfully conducted automated casting trials of electrodes, incorporating active electrolyte slurry at its Customer Qualification Plant (CQP) in Mo i Rana, Norway. This marks a major step forward in the company’s efforts to automate battery cell production, with expectations to begin producing functional battery cells for customer samples in the first half of 2024, underscoring this as FREYR’s top strategic priority.
Financial Highlights and DOE Application Progress: FREYR has also announced that its year-end 2023 cash and equivalents balance stood at $275.7 million, surpassing the previously forecasted $250 million. Additionally, the company is preparing to submit Part 2 of its Title 17 application to the U.S. Department of Energy Loan Programs Office within the first quarter of 2024, aiming to bolster its position within the U.S. battery value chain.
See also: FREYR’s Milestone in Battery Production
Notable Advancements and Future Outlook: The introduction of active electrolyte slurry and the initiation of dry room operations are pivotal milestones preceding the completion of the Casting and Unit Cell Assembly commissioning packages. FREYR’s Head of Asset Mo team, Mike Brose, expressed satisfaction over surpassing key precursors to commissioning and the onset of fully automated production. The company’s technology differentiator, the 24M SemiSolid platform, simplifies the manufacturing process by integrating the electrolyte at the outset, eliminating the need for solvent recovery.
FREYR has nearly completed the handover of production line equipment commissioning and testing packages at the CQP, with the next steps focusing on anode casting trials and the integration of casting webs using Multi-Carrier Systems (MCS). CEO Birger Steen highlighted the technical complexity and progress towards operationalizing the SemiSolid technology at scale, aiming to produce B sample cells for customer evaluation.
Strategic Partnerships and Revenue Potential: With conditional offtakes and a long-term sales agreement approximating 130 GWh of cumulative capacity, FREYR anticipates potential revenues between $9 and $10 billion. The automation of the CQP production line is crucial for converting these agreements into binding commitments, aligning with the Inflation Reduction Act’s objectives.
About FREYR Battery: As a developer of clean, next-generation battery cell production capacity, FREYR Battery is committed to decarbonizing energy and transportation systems globally. The company is advancing its CQP in Norway and developing the Giga America project in Georgia, U.S., aiming to serve energy storage, commercial mobility, and potentially the electric vehicle markets. For more details, visit www.freyrbattery.com.
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