LFP | FREYR Battery to be Granted €122 Million by European Union Innovation Fund for the LFP Cathode Material Plant

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LFP | FREYR Battery to be Granted €122 Million by European Union Innovation Fund for the LFP Cathode Material Plant

Date：2024-11-03

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Keyword tags： LFP Cathode EU FREYR

Recently, Norwegian battery company FREYR Battery, Inc. (NYSE: FREY) announced that it has been selected by the European Union Innovation Fund ("EUIF") to receive a €122 million grant for the development of the company's potential joint venture Cathode Active Material ("CAM") manufacturing project in Vaasa, Finland. The project aims to develop an industrial-scale Lithium Iron Phosphate (LFP) cathode material production facility with an initial planned capacity of 30,000 tons per year.

Tom Einar Jensen, Co-founder and CEO of FREYR, expressed gratitude for the EU's continued support for FREYR's ongoing industrialization efforts in sustainable battery value chain solutions. The grant award is an important step towards the formal finalization of the grant, expected to be completed in the first quarter of 2025, upon satisfaction of various criteria. Concurrently, FREYR continues to work with its technology licensor, partners, customers, and other stakeholders to further develop the basis for the cathode material project.

In January 2022, FREYR announced plans to establish a joint venture with Aleees, a producer of LFP cathode materials based in Taiwan, to produce LFP cathode materials. In October 2022, FREYR obtained a global license from Aleees to produce LFP cathode materials based on the latter's technology platform. Aleees is also one of the suppliers to the U.S. semi-solid battery company 24M, which is also a partner of FREYR, with both having established a battery technology center in Boston.

In June of this year, FREYR inaugurated a Customer Qualification Plant ("CQP") in Mo i Rana, Norway, based on 24M's SemiSolid™ technology for technology research and development. The company has planned two battery gigafactories: the Giga Arctic in Norway and the Giga America in Georgia. The Giga Arctic was planned to have an annual capacity of 29 GWh and was originally scheduled to begin production in the first half of 2024; the Giga America is planned to have an annual battery capacity of 50 GWh. However, last autumn FREYR put the Giga Arctic project in Mo i Rana, Norway, on hold to focus on the Giga America factory in Georgia.

In 2021, FREYR established a strategic partnership with the Finnish Minerals Group, planning to build a battery production capacity of 43 GWh by 2025, and aiming to expand the battery production capacity to 83 GWh by 2028 and 200 GWh by 2030.

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