FREYR Battery has been awarded a €100-million grant from the European Union to support development of FREYR’s Giga Arctic project in Norway. The grant will be funded through the EU’s Innovation Fund (EUIF) as part of the EU’s efforts to promote localized production of battery solutions.
Giga Arctic, which has been under development since FREYR’s Board of Directors sanctioned the start of construction in June 2022, is designed to be a 29 GWh nameplate capacity facility based on the 24M Technologies SemiSolid manufacturing platform and powered with 100% renewable hydroelectricity.
According to a report recently published by Minviro, a life cycle assessment company and independent third-party commissioned by FREYR, the annual production at the planned Giga Arctic facility in Norway could enable FREYR’s customers to mitigate 80 million tons of CO2 emissions over the batteries’ lifetime when used for renewable Energy Storage Systems (ESS). The projected emissions mitigation corresponds to almost twice the total amount of CO2 emitted in Norway annually.
The EU’s Innovation Fund is one of the world’s largest funding opportunities for projects designed to reduce greenhouse gas emissions. The fund targets highly innovative technologies and large-scale, flagship initiatives that can bring more value to Europe in terms of transitioning to a low-carbon continent.
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 the United States and Vaasa, Finland. FREYR intends to install 50 GWh of battery cell capacity by 2025 and 100 GWh annual capacity by 2028 and 200 GWh of annual capacity by 2030.
