FREYR's Giga Arctic project gets fresh infusion of €100 million
Battery manufacturing company, FREYR Battery (FREYR) on Thursday announced it has been awarded a €100 million grant from the European Union ("EU") to support development of FREYR's Giga Arctic project in Norway.
The grant is part of the EU's Innovation Fund (EUIF) which aims to promote domestic production of batteries.
"We are delighted with the news we have received from the EU's Innovation Fund to support FREYR's Giga Arctic project," remarked Tom Einar Jensen, FREYR's Co-Founder and CEO.
"This grant is a recognition that batteries represent the key catalyst of the energy transition supporting regional energy security through faster deployment of renewable energy. Moreover, this significant financial commitment provides timely support to continued development of the Giga Arctic project, which is intended to bring clean battery products to our customers and partners across Europe."
In June 2022, FREYR sanctioned construction of Giga Arctic (construction of combined giga factories 1 & 2) the company's first battery manufacturing facility under development in Mo I Rana, Norway. With a 29 GWh nameplate capacity based on the 24M Technologies semi-solid manufacturing platform the FREYR's giga factory will be powered 100% with renewable hydroelectricity.
At the inaugural of Giga Arctic, the Norwegian Government outlined its National Battery Strategy at the FREYR's giga factory site and announced its support from Export Finance Norway ("Eksfin") to assist FREYR for project financing of Giga Arctic.
Based on the assessment of an independent third party commissioned by FREYR, the annual production at the planned Giga Arctic facility could enable FREYR's customers to mitigate 80 million tons of CO2 emissions over the batteries' lifetime when used with renewable energy storage systems (ESS).
The EUIF has been set up to provide around €10 billion of support over 2020-2030 for the commercial demonstration of innovative low-carbon technologies which will bring to market industrial solutions to decarbonize Europe and support its transition to climate neutrality. The fund supports renewable energy, energy storage, carbon capture and storage, carbon capture and utilization and other cross cutting technologies.