NEW YORK & OSLO, Norway & LUXEMBOURG–(BUSINESS WIRE)–FREYR Battery (NYSE: FREY) (“FREYR” or the “firm”), a developer of unpolluted, next-generation battery cell manufacturing capability, has awarded a strategic alliance body settlement to South Korea-based Hana Know-how Co. Ltd (“Hana Know-how”). Collectively, the 2 corporations will collectively develop tools and automation options for FREYR’s Buyer Qualification Plant (“CQP”) in Mo i Rana, Norway, in addition to for FREYR’s deliberate Gigafactories.
Hana Know-how develops precision automation options for battery services and different industrial operations. This strategic alliance body settlement will allow FREYR and Hana Know-how to customise and co-develop options for the CQP, together with joint growth tasks similar to high quality management tools, growing old time reductions, and synthetic intelligence updates to techniques to cut back waste.
“We chosen Hana Know-how resulting from their confirmed monitor file with main Korean battery producers. We additionally skilled, as a part of our tender course of, that they’ve the perfect technical answer to satisfy our wants for clear battery cell manufacturing. We intention to collaborate and co-create with them, making certain that we transfer with velocity and scale shortly, and make strides in direction of our aim to grow to be one of the vital sustainable battery producers on this planet,” says Tom Einar Jensen, CEO for FREYR.
Hana Know-how is a pre-qualified vendor of 24M Applied sciences, Inc. (“24M”), the maker of the 24M SemiSolid™ manufacturing platform which permits lower-cost and extra sustainable lithium-ion battery manufacturing. FREYR has licensed the 24M platform with the ambition to cut back the steps within the battery cell manufacturing course of and subsequently scale back carbon emissions.
“FREYR’s ambition to construct sustainable and environment friendly battery manufacturing services is properly aligned with our areas of experience. By becoming a member of forces and co-creating technical options for his or her deliberate Gigafactories and for the FREYR CQP that’s now underway, we intention to raise the requirements for clear, cost-efficient battery cell expertise, transferring quick collectively to satisfy the rising, world battery demand,” says Insik Lee, Managing Director, Hana Know-how.
As a part of the strategic alliance body settlement, Hana Know-how will particularly help on areas together with pouch meeting, formation and growing old, inspection, grading, packaging, in addition to scrap-discharge tools for FREYR’s Gigafactories. Hana Know-how may also collaborate with FREYR to assessment, develop, and enhance its technical documentation.
“Our daring ambitions require skilled companions, similar to Hana Know-how. We now have secured three years of their experience and capabilities by means of this settlement, with the choice to increase if wanted. That is yet one more step in direction of securing the capability we’d like as we head in direction of preliminary manufacturing – in line with our timeline,” provides Jensen.
About FREYR Battery
FREYR Battery goals to offer industrial scale clear battery options to cut back world emissions. Listed on the New York Inventory Change, FREYR’s mission is to provide inexperienced battery cells to speed up the decarbonization of power and transportation techniques globally. FREYR has commenced constructing the primary of its deliberate factories in Mo i Rana, Norway and introduced potential growth of commercial scale battery cell manufacturing in Vaasa, Finland and the US. FREYR intends to put in 50 GWh of battery cell capability by 2025 and 100 GWh annual capability by 2028 and 200 GWh of annual capability by 2030. To study extra about FREYR, please go to www.freyrbattery.com
About Hana Know-how
Hana Know-how is without doubt one of the progressive corporations for battery automation manufacturing tools over 20 years in Korea.
Based mostly on experience of battery meeting tools expertise, we now have broadened it to formation tools as properly. Hana Know-how is specializing in increase capability and core expertise which ensure our shopper’s manufacturing effectivity and high quality battery manufacturing.
Hana Know-how prioritize distinctive design answer, securing supply and particular upkeep in order that our companion might guarantee manufacturing schedule. Certified reference in market with high tier battery producer on this planet may lead Hana Know-how to subsequent degree within the state-of-the-art expertise.
Cautionary Assertion Regarding Ahead-Wanting Statements
All statements, aside from statements of current or historic reality included on this press launch, together with, with out limitation, statements concerning the 2 corporations’ means to collectively develop tools and automation options for FREYR’s CQP and deliberate Gigafactories; Hana Know-how’s means to satisfy FREYR’s wants for clear battery manufacturing; FREYR’s ambition to grow to be one of the vital sustainable battery producers on this planet; and the 24M platform’s means to cut back the steps within the battery cell manufacturing course of and scale back carbon emissions are forward-looking and contain vital dangers and uncertainties that would trigger the precise outcomes to vary materially from the anticipated outcomes.
Most of those components are exterior FREYR’s management and troublesome to foretell. Details about components that would materially have an effect on FREYR is ready forth beneath the “Danger Elements” part in (i) FREYR’s Registration Assertion on Kind S-1 filed with the Securities and Change Fee (the “SEC”) on August 9, 2021, as amended, and (ii) FREYR’s annual report on Kind 10-Ok filed with the SEC on March 9, 2022, and obtainable on the SEC’s web site at www.sec.gov.