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What is the story of the Norwegian battery company Freyr?

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Freyr is a Norwegian battery manufacturer. They offer clean industrial-scale battery solutions to reduce global emissions. It offers a clean Nordic solution for the rapid growth of the global demand for high-density and cost-competitive battery cells for stationary energy storage (ESS), electric mobility, and marine applications.

The mission is to produce green battery cells to accelerate the decarbonization of energy and transportation systems globally. “FREYR has commenced building the first of its planned factories in Mo I Rana, Norway, and announced potential development of industrial-scale battery cell production in Vaasa, Finland, and the United States”.

The plan for Freyr is to install 50 GWh of battery cell capacity by 2025, 100 GWh annual capacity by 2028, and 200 GWh of annual capacity by 2030.

Freyr is in a cooperation agreement with Itochu, a Japanese trading company for securing raw materials needed for the first planned ‘Giga Arctic’ factory.

“We are excited to partner with ITOCHU, and we intend to build on their expertise in shipping, planning, and production, as we establish, maintain, decarbonize, and localize our growing supply chain. ITOCHU possesses a broad global network of trusted materials suppliers, which we believe will lead to meaningful benefits for FREYR as we cooperatively source and price high-quality materials,” said Dr. Tilo Hauke, EVP of Supply Chain Management, FREYR.

“As the world moves towards decarbonization, we see FREYR as an integral part of enabling a clean and sustainable lithium battery industry. The supply chain will be an essential part of their journey towards greater speed and scale in the market, and we are eager to support them in sourcing the raw materials to meet their growing needs,” said Yasuhiro Abe, Power & Environmental Solution Division COO, ITOCHU.

ITOCHU and FREYR are both investors in 24M Technologies, Inc., FREYR’s U.S.-based technology licensing partner. 

Itochu is one of the leading sogo shosha, a Japanese corporation based in Umeda, Kita-Ku, Osaka and Aoyama, Minato, and Tokyo. The company is involved in domestic trading, import/export, and overseas trading of various products such as textiles, machinery, etc. It was founded in 1858 and the net income is 37,450 crores JPY.

Freyr battery is also in an agreement with Aleees for ongoing services and support for the license of producing and selling LFP cathode material based on Aleees’ technology to build industry expertise.

The agreement provides FREYR to obtain a non-exclusive right for using Aleees’ technology and production methodology for related LFP cathode materials.

“There is high global demand at present for active cathode material in general and LFP material in particular. By consummating this licensing agreement with Aleees, FREYR is well-positioned to achieve speed and scale of LFP cathode production for our Giga Arctic battery manufacturing plant and beyond. Aleees is one of the best-established LFP cathode producers outside of mainland China and is recognized for its world-class production technology. FREYR should derive an advantage by accessing the knowledge and capabilities of the Aleees team to help FREYR build a strong, localized supply chain for high-quality raw materials,” commented Dr. Tilo Hauke, EVP of Supply Chain Management, FREYR.

“We are eager to support FREYR in bringing more innovation and greater sustainability to the battery industry. This license agreement lays the foundation for the start of a long and beneficial relationship, in which we will bring our expertise and ability to the Nordic region, to ensure that the supply chain stays local while battery production remains global, to keep up with the intense demand stemming from the ongoing energy transition,” added Edward Chang, Chief Executive Officer of Aleees.

Aleees was founded in 2005 with main factories and offices in Taiwan. The company is a lithium-iron-phosphate (LFP) battery material manufacturer with the longest history. They are also IP licensors in the world. One of the few companies outside China with LFP battery material manufacturing technology and patents.

At present Aleees co-develops various types of LFP, and LFMP products with more than 40 global customers.

Aleees has also achieved outstanding results in ESG, and its corporate governance performance has been among the top 5% of all listed companies in Taiwan for 7 consecutive years.

Aleees offers complete LFP cathode battery material manufacturing technology and related patents to customers, primarily within the energy storage and EV battery spaces. Through the license and services agreement, FREYR has obtained non-exclusive rights to use Aleees’ technology and production methodology related to active LFP cathode material.

Freyr battery also agrees with HENT (Norway’s largest general contractor and project developers). They were also responsible for the planning, project management, and construction of FREYR’s 120,000-square-meter battery factory building.

Freyr is also in an important partnership for the battery factories’ equipment with Hana Technology, a South Korean automation solution provider for battery plants.

Sources:- Freyr, Itochu, Aleees.

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