Norway's Freyr secures 'green technology' grant as gigafactory plans charge ahead
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CEO Tom Einar Jensen. Photo: Freyr
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Battery developer Freyr has secured an ‘environmental technology’ grant from a Norwegian government agency, as the company works toward developing up to 43GWh of lithium-ion battery cell production capacity in Norway by 2025.
The NOK 39m (£3.3m) grant, from Innovation Norway, comes as Freyr prepares to public through a merger with special purpose acquisition company Alussa Energy Acquisition – as reported by World Battery News earlier this month.
Freyr said the grant, which is provided in the "environmental technology” category, relates to Innovation Norway’s task of stimulating research and development projects, domestic value generation and creation of responsible businesses.
'Local ecosystem'
The grant is expected to be paid during 2021 and follows an evaluation process which started last autumn.
Freyr CEO and co-founder Tom Einar Jensen said: "We want to position ourselves as a leading European supplier of sustainable battery cells based on clean Norwegian energy, next generation technology, battery materials sourced from regional providers and a local ecosystem of sub-suppliers.”
"The support from Innovation Norway is valuable to us, both financially and as a recognition of the ongoing work.”
Freyr’s merger with Alussa, in a deal that would value the combined company at around $1.4bn (£1.02bn), is expected to be completed in the second quarter of this year, subject to closing conditions.
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Norway battery developer Freyr set to go public in SPAC deal with Alussa Energy Acquisition
The NOK 39m (£3.3m) grant, from Innovation Norway, comes as Freyr prepares to public through a merger with special purpose acquisition company Alussa Energy Acquisition – as reported by World Battery News earlier this month.
Freyr said the grant, which is provided in the "environmental technology” category, relates to Innovation Norway’s task of stimulating research and development projects, domestic value generation and creation of responsible businesses.
'Local ecosystem'
The grant is expected to be paid during 2021 and follows an evaluation process which started last autumn.
Freyr CEO and co-founder Tom Einar Jensen said: "We want to position ourselves as a leading European supplier of sustainable battery cells based on clean Norwegian energy, next generation technology, battery materials sourced from regional providers and a local ecosystem of sub-suppliers.”
"The support from Innovation Norway is valuable to us, both financially and as a recognition of the ongoing work.”
Freyr’s merger with Alussa, in a deal that would value the combined company at around $1.4bn (£1.02bn), is expected to be completed in the second quarter of this year, subject to closing conditions.
Related articles in our archive:
Norway battery developer Freyr set to go public in SPAC deal with Alussa Energy Acquisition