August 30, 2022 – TheNewswire - FREYR Battery (FREY) has announced the signing of a new joint venture agreement with Nidec Corporation. The objective of the alliance will be to jointly create a global leading provider of utility scale battery energy storage products. The partnership will draw on FREYR’s innovative, low-carbon battery technology and Nidec’s leading position in utility scale energy storage systems.

FREYR is currently building its first Gigafactory in Norway, which is planned to start production in 2024 and reach a nameplate capacity of 29 GWh. The company is targeting more than 200 GWh installed annual production by 2030. FREYR’s semi-solid lithium-ion battery offers unique safety features compared to conventional lithium-ion batteries and is highly durable.

Tom Einar Jensen, FREYR’s CEO said: “We are exceptionally pleased to announce our firm sales agreement and deep commercial collaboration with Nidec Corporation, the world leader in electric motors and a globally leading engineering, procurement and construction solutions providers to the ESS market. Today’s landmark sales agreement inclusive of optional volumes 

represents roughly 50% of our targeted production from Giga Arctic by 2030.”

Under the terms of the agreement, FREYR will supply 38 GWh of cumulative clean, next-generation battery cells to Nidec between 2025 – 2030 from FREYR’s Giga Arctic facility in Mo i Rana, Norway, which is currently under construction. Nidec will have the option to increase the cumulative offtake volumes to 50 GWh over the life of the contract, which would represent as much as 50% of projected production from FREYR’s Giga Arctic development.

Shares of FREYR Battery trade on the NYSE under the ticker symbol FREY. For more information visit www.greenstocknews.com.

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