FREYR Battery (“FREYR”), a developer of clean, next-generation
battery cell production capacity, has signed a contract with Mpac
Lambert for the supply of the casting and unit cell assembly
equipment package to the battery cell production line at FREYR’s
Customer Qualification Plant (“CQP”) in Mo i Rana, Norway.
Preparatory work on the facility is already ongoing with a targeted
start of initial operations in the second half of 2022.
Mpac Lambert, a UK-based developer of automation and mass
production solutions, was prequalified to participate in the
competitive tender following nearly three years of cooperation with
24M Technologies (“24M”) on industrializing and scaling 24M’s
SemiSolid lithium-ion battery platform technology. The company will
leverage 24M’s innovative battery casting technology and in-house
expertise and experience in automation and mass production systems
to construct and install the equipment.
“The casting and unit cell assembly sits at the heart of the
battery cell production process. This is FREYR’s first contract for
critical production line machinery, and we are excited to take the
important step towards achieving the milestones outlined in our
project plan. We expect to commence construction in August 2021.
FREYR looks forward to announcing other contract awards for other
equipment to the CQP in due course,” said Einar Kilde, EVP Projects
at FREYR.
The contract with Mpac Lambert also grants FREYR options for
delivery of the casting and unit cell assembly equipment packages
for FREYR’s planned Gigafactories.
“We are delighted to be a partner to FREYR to support them in
their vision and play our part as Mpac automation ecosystems to
provide know-how, equipment and services to industrialize the
battery cell energy storage device production,” said Tony Steels,
the CEO of Mpac.
“FREYR continues to advance Norway’s first lithium-ion battery
cell manufacturing facility at industrial scale with a production
line developed to our own specifications. The CQP will be used to
optimize and industrialize 24M’s technology to produce clean,
low-cost and high-energy density battery solutions based on
renewable energy. We look forward to establishing a long-term
partnership with Mpac Lambert through the CQP and potential later
Gigafactory development,” said Tom Einar Jensen, the CEO of
FREYR.
About FREYR Battery
FREYR plans to develop up to 35 GWh of battery cell production
capacity in Norway and additional 8 GWh via joint ventures in
Norway and/or the Nordic region by 2025 to position the company as
one of Europe’s largest battery cell suppliers. Five of 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 Mpac Group
Mpac Group plc is a global leader in high-speed packaging and
automation solutions. The Company serves blue chip customers
throughout the world in the essential and growing sectors of
healthcare, pharmaceutical and food and beverage, Headquartered in
the UK, the Company has strategically located manufacturing and
service locations in North America, Europe and Asia to provide
customers with local support through its highly respected
subsidiaries: Lambert, Langen and Switchback.
Forward-looking Statements
The information in this press release includes “forward-looking
statements” within the meaning of Section 27A of the Securities Act
and Section 21E of the Securities Exchange Act of 1934, as amended.
All statements, other than statements of present or historical fact
included in this press release, including, without limitation,
regarding the development, timeline, capacity and other usefulness
of FREYR’s CQP and planned Gigafactories, the success of the Mpac
casting and unit cell assembly equipment package in the CQP or
other future plants, the development and commercialization of 24M
SemiSolid technology, FREYR’s manufacturing capacity relative to
other market participants, and the development of customer and
supplier relationships are forward-looking statements.
These forward-looking statements involve significant risks and
uncertainties that could cause the actual results to differ
materially from the expected results. Most of these factors are
outside FREYR’s control and are difficult to predict. Factors that
may cause such differences include, but are not limited to the
following: (i) FREYR faces significant barriers in its attempts to
scale and commercialize the SemiSolid lithium-ion battery platform
cell technology and related manufacturing processes, which may not
be successful, (ii) FREYR may encounter substantial delays in the
development, manufacture, regulatory approval, and launch of
FREYR’s battery cells and building out of the CQP or other planned
plants, which could prevent FREYR from commercializing products on
a timely basis, if at all, (iii) FREYR’s licensing strategy relies
heavily on 24M’s process and technology, and any disagreements with
24M may impede FREYR’s ability to maximize the benefits of its
licensing strategy, and (iv) FREYR may not be able to engage target
customers successfully and convert such contacts into meaningful
orders in the future. FREYR cautions that the foregoing list of
factors is not exclusive. Additional information about factors that
could materially affect FREYR is set forth under the “Risk Factors”
section in FREYR’s Registration Statement on Form S-4 filed with
the Securities and Exchange Commission on March 26, 2021, as
amended, and available on the SEC’s website at www.sec.gov.
Except as otherwise required by applicable law, FREYR disclaims
any duty to update any forward-looking statements, all of which are
expressly qualified by the statements in this section, to reflect
events or circumstances after the date of this press release.
Should underlying assumptions prove incorrect, actual results and
projections could different materially from those expressed in any
forward-looking statements.
Source: FREYR Battery
View source
version on businesswire.com: https://www.businesswire.com/news/home/20210726005366/en/
FREYR Battery contact information
For investor inquiries, please contact:
Jeffrey Spittel, Vice President, Investor Relations
jeffrey.spittel@freyrbattery.com Tel: (+1) 281-222-0161
Harald Bjørland, Investor Relations
harald.bjorland@freyrbattery.com Tel: (+47) 908 58 221
For media inquiries, please contact:
Hilde Rønningsen, Director of Communications
hilde.ronningsen@freyrbattery.com Tel: (+47) 453 97 184
Mpac Group contact information
Nick Lyon / Nick Moore Hudson Sandler mpac@hudsonsandler.com
FREYR Battery (NYSE:FREY.WS)
Historical Stock Chart
From Aug 2024 to Sep 2024
FREYR Battery (NYSE:FREY.WS)
Historical Stock Chart
From Sep 2023 to Sep 2024