FREYR Battery’s Giga Arctic project receives major boost with €100m EU grant

FREYR Battery, a global front-runner in next-generation battery cell production technology, has disclosed the receipt of a €100 million grant from the European Union (EU).

This significant funding will be directed towards the development of FREYR’s Giga Arctic project in Norway and is part of the EU’s effort to encourage local battery solution production. The grant comes from the EU’s Innovation Fund (EUIF), one of the largest funding mechanisms globally for projects aimed at curbing greenhouse gas emissions.

Having been listed on the New York Stock Exchange, FREYR’s primary mission is to manufacture green battery cells that facilitate the decarbonization of energy and transportation systems across the globe. The company’s Giga Arctic project, which has been underway since June 2022 when its construction was authorized by FREYR’s Board of Directors, is envisaged as a 29 GWh capacity facility. This facility is intended to leverage the 24M Technologies SemiSolid manufacturing platform and run entirely on renewable hydroelectricity.

Tom Einar Jensen — FREYR Battery Co-Founder and CEO said: “This grant is a recognition that batteries represent the key catalyst of the energy transition supporting regional energy security through faster deployment of renewable energy. Moreover, this significant financial commitment provides timely support to continued development of the Giga Arctic project, which is intended to bring clean battery products to our customers and partners across Europe.

“We look forward to working with the EUIF as well as the Norwegian Government to unlock further momentum for next generation battery production capacity at GWh scale in Norway.”

A report by Minviro, a life cycle assessment company independently commissioned by FREYR, revealed that the proposed Giga Arctic facility’s annual production could allow FREYR’s customers to offset approximately 80 million tons of CO2 emissions over the lifetime of the batteries. This would apply when the batteries are utilized for renewable Energy Storage Systems (ESS). The predicted mitigation of emissions is nearly double the total annual CO2 output of Norway.

The EU’s Innovation Fund focuses on investing in highly innovative technologies and flagship large-scale initiatives that can significantly contribute to Europe’s transition towards a low-carbon continent.