NEW YORK, OSLO, Norway & LUXEMBOURG–( BUSINESS WIRE)– FREYR Battery( NYSE FREY)( “ FREYR ”), an inventor of clean, coming-generation battery cell product capacity, has blazoned that the company has been awarded a€ 100 million entitlement from the European Union( “ EU ”) to support the development of FREYR’s Giga Arctic design in Norway. The entitlement will be funded through the EU’s Innovation Fund( “ EUIF ”) as part of the EU’s sweats to promote the localized product of battery results.
“ We’re pleased with the news we’ve entered from the EU’s Innovation Fund to support FREYR’s Giga Arctic design, ” remarked Tom Einar Jensen, FREYR’sCo-Founder and CEO. “ This entitlement is a recognition that batteries represent the crucial catalyst of the energy transition supporting indigenous energy security through faster deployment of renewable energy. also, this significant fiscal commitment provides timely support to the continued development of the Giga Arctic design, which is intended to bring clean battery products to our guests and mates across Europe. We look forward to working with the EUIF as well as the Norwegian Government to unleash further instigation for the coming generation battery product capacity at the GWh scale in Norway. ”
Giga Arctic, which has been under development since FREYR’s Board of Directors sanctioned the launch of construction in June 2022, is designed to be a 29 GWh nameplate capacity installation grounded on the 24M Technologies SemiSolidTM manufacturing platform and powered with 100 renewable hydroelectricity.
According to a report lately published by Minviro, a life cycle assessment company and independent third-party commissioned by FREYR, the periodic product at the planned Giga Arctic installation in Norway could enable FREYR’s guests to alleviate 80 million tons of CO2 emigrations over the batteries ’ continuance when used for renewable Energy Storage Systems( ESS). The projected emigrations mitigation corresponds to nearly twice the total quantum of CO2 emitted in Norway annually.
The EU’s Innovation Fund is one of the world’s largest backing openings for systems designed to reduce hothouse gas emigrations. The fund targets largely innovative technologies and large-scale, flagship enterprises that can bring further value to Europe in terms of transitioning to a low-carbon mainland.
