Norwegian FREYR Battery in inaugural offtake agreement with ESS provider


Norway One of the world’s leading publicly traded manufacturers and suppliers of energy storage systems has agreed to purchase at least 31 GWh of FREYR Battery’s low-carbon battery cells (ESS).

Batteries manufactured by FREYR will be used in the development of innovative technology solutions for the rapidly expanding global ESS market.

FREYR has agreed to supply at least 31 GWh of battery cells from its Norwegian manufacturing facilities between 2023 and 2028, subject to the terms and conditions of the agreement. Gigafactory 1 in Mo I Rana, Norway, is expected to produce about half as much as expected in the coming years, based on current estimates.

According to FREYR’s current price forecasts, the total potential revenue from this agreement could amount to $3 billion between 2023 and 2028.

24M Technologies’ innovative design and process platform will be combined with FREYR’s sustainable, next-generation lithium-ion battery cells to create a standardization and cost-effective utility solution. The larger and thicker electrode design of 24M is intended to increase energy density per volumetric unit while also lowering production costs.