FREYR Battery Concludes Frame Agreements for More Than 90% of Its Raw Material Requirements for Initial Plants in Mo i Rana

Key Facts

• These frame agreements will be the basis for supply of raw materials to the CQP as well as to Gigafactories 1 and 2. > “We are very pleased to announce that we have made strong progress in establishing a framework that would allow us to secure a large part of the critical raw materials required for our initial production facilities” > > Tweet this FREYR is on track to start the initial sample production of lithium iron phosphate (LFP) battery cells in its CQP in the second half of 2022.
• FREYR has a stated ambition of sourcing all its raw materials locally to its Gigafactories in the Nordics and in the USA and base such supply on renewable energy sources.
• Enabling a localized supply chain for raw materials comprises close to half of this ambition and could add up to 31 kg CO2e saved per KWh of battery produced on top of the 33 kg CO2e saved per KWh by producing, packaging, and recycling battery cells in Norway and/or the Nordic region,” said Tom Einar Jensen, CEO and Co-Founder of FREYR Battery.
• To learn more about FREYR, please visit www.freyrbattery.com Cautionary Statement Concerning Forward-Looking Statements All statements, other than statements of present or historical fact included in this press release, including, without limitation, statements regarding FREYR’s progress in starting its initial sample production of LFP battery cells in its CQP in the 2nd half of 2022; FREYR’s progress in delivering on the supply of localized, low-carbon raw materials for Gigafactory battery-cell production in Norway and Finland; FREYR’s ambition of sourcing all its raw materials locally to its Gigafactories in the Nordics and in the USA and base such supply on renewable energy sources; FREYR’s target of an initial 80% reduction in CO2e emissions on a full life cycle basis including logistics and recycling, documented through relevant LCA; any benefits and anticipated CO2e per KWh saved due to a localized supply chain for raw materials; any potential annualized value associated with CO2e savings; FREYR’s targeted production of 83 GWh in 2028; and any anticipated yearly “de-carbonization value” are forward-looking and involve significant risks and uncertainties that could cause the actual results to differ materially from the expected results.

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