Innovation Norway, the Norwegian Government’s key instrument for
supporting innovation and development of Norwegian enterprises and
industry has granted FREYR NOK 39 million in development support.
The grant is provided in the “environmental technology” category
and relates to Innovation Norway’s task of stimulating research and
development projects, domestic value generation and creation of
responsible businesses. The grant is expected to be paid during
2021 and follows an evaluation process which started in the fall of
2020.
FREYR is targeting development of up to 43 GWh of cost efficient
and clean battery cell production capacity in Mo i Rana, Norway, by
2025. FREYR plans to utilize next generation battery technology and
Norway’s inherent advantages, including access to renewable energy,
low electricity prices, and closeness to rapidly growing markets in
Europe and the US.
“Since the outset we have been engaged in the ambition of
establishing production of battery cells at Mo i Rana. We are very
pleased to be able to further support FREYR in the ongoing
industrial development which is important to the Norwegian business
community with great potential for job creation and exports. It
will contribute greatly to establishing a complete eco-system and
value chain for green industry development,” says Håkon Haugli, the
CEO of Innovation Norway.
“FREYR’s ambition is to make battery cells with the world’s
lowest carbon footprint. 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,”
says Tom Einar Jensen, the CEO of FREYR.
“Norway is strongly positioned to develop industrial production
to meet the growing demand for clean battery cells. Still, it
requires strong cooperation between companies, investors,
authorities and policy agencies. This is a good example of just
that,” says Håkon Haugli.
During the application processing, Innovation Norway has
emphasized the potential for value creation in Norway enabled by
the project, including establishing large scale production
facilities and job creation. Further, it is important to Innovation
Norway to support development of responsible businesses and the
grant reflects a positive commitment tied to the environmental and
social footprint as well as corporate governance and company
management.
“Production of clean low-cost batteries represent one of the
best opportunities for developing a sustainable and profitable
Norwegian renewable industry in the coming decade,” says Tom
Jensen.
On 29 January FREYR announced that it will become a publicly
listed company through a business combination with Alussa Energy
Acquisition Corp., raising approximately $850 million in equity
proceeds to accelerate the development of clean battery cell
manufacturing capacity in Norway. Subject to closing conditions
being met, the combined company will be named “FREYR Battery” and
its common stock is expected to start trading on the New York Stock
Exchange under the ticker symbol FREY upon closing, expected in the
second quarter of 2021.
“We have experienced wide support from politicians, business
organizations and the Norwegian technology community locally and
nationally since we started FREYR in 2018. FREYR has moved from the
drawing-board to now becoming reality with the support of many
stakeholders, with capital from financial and strategic investors
as announced a few weeks ago, and last but not least through
support from Innovation Norway which contributed at an early stage
and now again in an important development phase,” says Torstein
Dale Sjøtveit, Founder and Executive Chairman of FREYR.
FREYR has previously received NOK 9 million in grants from
Innovation Norway, bringing total accumulated grants to NOK 48
million or approximately USD 6 million.
About FREYR AS
FREYR plans to develop up to 43 GWh of battery cell production
capacity by 2025 to position the company as one of Europe’s largest
battery cell suppliers. The facilities will be located in the Mo i
Rana industrial complex in Northern Norway, leveraging Norway’s
highly skilled workforce and abundant, low-cost renewable energy
sources from hydro and wind in a crisp, clear and energized
environment. FREYR will supply safe, high energy density and cost
competitive clean battery cells to the rapidly growing global
markets for electric vehicles, energy storage, and marine
applications. FREYR is committed to supporting cluster-based
R&D initiatives and the development of an international
ecosystem of scientific, commercial, and financial stakeholders to
support the expansion of the battery value chain in our region. For
more information, please visit www.freyrbattery.com.
About Innovation Norway
Innovation Norway is the Norwegian Government's and the County
Municipalities’ most important instrument for innovation and
development of Norwegian enterprises and industry. Innovation
Norway contributes to sustainable growth and exports for Norwegian
businesses through capital and competence.
For more information, visit: https://www.innovasjonnorge.no/
Forward-looking statements
The information in this press release includes forward-looking
statements and information based on management’s expectations as of
the date of this press release. All statements other than
statements of historical facts, including statements regarding
FREYR’s business strategy, anticipated business combination with
Alussa Energy (the “Transaction”) and the terms of such
combination, anticipated benefits of FREYR’s technologies and
projected production capacity are forward-looking statements. The
words “may,” will,” “expect,” “plan,” “target,” or similar
terminology are intended to identify forward-looking statements,
although not all forward-looking statements contain these
identifying words. FREYR may not actually achieve the plans or
expectations disclosed in these forward-looking statements, and you
should not place undue reliance on these forward-looking
statements. Factors that may cause actual results to differ
materially from current expectations, include FREYR’s ability to
execute on its business strategy and develop and increase
production capacity in a cost-effective manner; changes adversely
affecting the battery industry; the further development and success
of competing technologies; the failure of 24M technology or FREYR’s
batteries to perform as expected; and our ability to complete the
business combination with Alussa Energy on the terms that we
currently expect or at all.
No Offer or Solicitation
This press release is for informational purposes only and shall
not constitute an offer to sell or the solicitation of an offer to
buy any securities pursuant to the Transaction or otherwise, nor
shall there be any sale of securities in any jurisdiction in which
the offer, solicitation or sale would be unlawful prior to the
registration or qualification under the securities laws of any such
jurisdiction. No offer of securities shall be made except by means
of a prospectus meeting the requirements of Section 10 of the
Securities Act of 1933, as amended.
No Assurances
There can be no assurance that the Transaction will be
completed, nor can there be any assurance, if the Transaction is
completed, that the potential benefits of combining the companies
will be realized.
Important Information about the Transaction and Where to Find
It
In connection with the Transaction, Alussa Energy and Pubco will
file relevant materials with the SEC, including a Form S-4
registration statement to be filed by Pubco (the “S-4”), which will
include a prospectus with respect to Pubco’s securities to be
issued in connection with the proposed business combination and a
proxy statement (the “Proxy Statement”) with respect to Alussa
Energy’s shareholder meeting at which Alussa Energy’s shareholders
will be asked to vote on the proposed Business Combination and
related matters. ALUSSA ENERGY SHAREHOLDERS AND OTHER INTERESTED
PERSONS ARE ADVISED TO READ, WHEN AVAILABLE, THE S-4 AND THE
AMENDMENTS THERETO AND OTHER INFORMATION FILED WITH THE SEC IN
CONNECTION WITH THE TRANSACTION, AS THESE MATERIALS WILL CONTAIN
IMPORTANT INFORMATION ABOUT ALUSSA ENERGY, PUBCO, FREYR AND THE
TRANSACTION. When available, the Proxy Statement contained in the
S-4 and other relevant materials for the Transaction will be mailed
to shareholders of Alussa Energy as of a record date to be
established for voting on the proposed business combination and
related matters. The preliminary S-4 and Proxy Statement, the final
S-4 and definitive Proxy Statement and other relevant materials in
connection with the Transaction (when they become available), and
any other documents filed by Alussa Energy with the SEC, may be
obtained free of charge at the SEC’s website (www.sec.gov) or by
writing to Alussa Energy Acquisition Corp. at c/o PO Box 500, 71
Fort Street, Grand Cayman KY1-1106, Cayman Islands.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20210217005662/en/
Contact FREYR Hilde Rønningsen, Director of
Communications, +47 453 97 184,
hilde.ronningsen@freyrbattery.com
Contact Innovation Norway Bernt Erik Ellingsen, Special
adviser, +47 905 77 277,
bernt.erik.ellingsen@innovasjonnorge.no
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