FREYR Battery (“FREYR”), a developer of next-generation battery cell production capacity, have entered into two memoranda of understanding (“MoU”) with Finnish Minerals Group and the City of Vaasa, respectively, for strategic collaborations on potential development of industrial scale battery cell technology and production in Finland.

12.8.2021

FREYR Battery (“FREYR”), a developer of next-generation battery cell production capacity, have entered into two memoranda of understanding (“MoU”) with Finnish Minerals Group and the City of Vaasa, respectively, for strategic collaborations on potential development of industrial scale battery cell technology and production in Finland.

 

Along with the MoU with the City of Vaasa, FREYR holds an exclusive right up until 22nd July 2022 to the selected 90-hectare (900,000-square-meter) site for a potential battery cell plant, subject to certain conditions related to the progress of the project being met, and a cooperation for joint site-development to accelerate supply of low-carbon and cost efficient batteries in Finland.

“Vaasa offers an attractive location for a battery cell production plant inside the EU, with access to local, short-travelled raw materials, abundant renewable power and cooling water, plus an existing cluster of leading suppliers for the battery value chain,” says Tom Einar Jensen, the CEO of FREYR.

“The natural advantages offered by the area combined with the Vaasa region’s forward-thinking leadership, planning and actions to take a pole position within the EU and sustainable battery cell manufacturing provides a strong foundation for a potential long-term cooperation.”

Read FREYR Battery’s press release

Finnish Minerals Group acts as an owner in the Finnish mining and chemical industry, providing low-carbon materials to the battery industry supportive of establishing local Nordic and European battery technology supply chains. The company manages the Finnish State’s mining industry shareholdings, and is working actively to develop a local lithium-ion battery value chain and is engaged in long-term technology development of the mining and battery industry.

Read Finnish Mineral Group’s press release

“We are proud to welcome FREYR to our city as part of our work to facilitate the next stage of development of modern, sustainable export industry in the Vaasa region. We are very happy that our work on the battery value chain proceeds logically. For all this time, the goal has been to be able to make the whole value chain possible, and after Johnson Matthey’s announcement last spring, this is a logical next step. We can see significant synergies with already existing commitments and existing EnergyVaasa companies. We also see great potential for Nordic Battery Belt development together with FREYR. Connectable material and flow of goods create sustainable cost-effective solution opportunities where everyone benefits”, says Tomas Häyry, Mayor of Vaasa.

“We are pleased to note the work of establishing a battery cell plant located in Vaasa is moving forward. As defined in our national battery strategy, we are determined to build a strong battery ecosystem in Finland. The plans published today fit extremely well in what we are trying to achieve”, says Mika Lintilä, Minister of Economic Affairs, Finland.

“We warmly welcome FREYR to Finland to join the Finnish battery ecosystem to combat the climate change in a sustainable manner. The decision builds on the Finnish competitive business environment with focus on sustainability, innovation and circular economy in line with Finland‘s National Battery Strategy. FREYR’s decision will further strengthen the role of Finland as an integral part of the fast growing European battery value chain. This will also create new possibilities for Nordic regional cooperation. The project will significantly accelerate innovations, economic growth and jobs creation in Finland and beyond”, says Markku Kivistö, Head of Cleantech, Invest in, Business Finland.

The GigaVaasa industrial area is dedicated for battery value chain manufacturing and offers accessible and green energy system options. FREYR has initiated preparations for the Environmental Impact Assessment (EIA). This industrial zone is well placed logistically, with good rail and road connections, a short distance to the harbor and an airport on its doorstep.

About FREYR Battery

FREYR plans to develop up to 43 GWh of battery cell production capacity by 2025 with an ambition of up to 83 GWh in total capacity by 2028 to position the company as one of Europe’s largest battery cell suppliers. Five of the facilities will be located in the Mo i Rana industrial complex in Northern Norway, leveraging Norway’s highly skilled workforce and abundant, low-cost renewable energy sources from hydro and wind in a crisp, clear and energized environment. FREYR will supply safe, high energy density and cost competitive clean battery cells to the rapidly growing global markets for electric vehicles, energy storage, and marine applications. FREYR is committed to supporting cluster-based R&D initiatives and the development of an international ecosystem of scientific, commercial, and financial stakeholders to support the expansion of the battery value chain in our region.

For more information, please visit www.freyrbattery.com.

12.8.2021
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