FREYR Battery Provides Operations Update
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FREYR has completed its first production trial of manufacturing chargeable unit cells with the Casting and
Unit Cell Assembly machinery at the Customer Qualification Plant (“CQP”). This step, which marks the first time all manufacturing steps were run with automated processes, was reached in accordance with the previously communicated H1 2024 timeline. FREYR is now the first company to complete automated production trials on the second-generation SemiSolidTM manufacturing platform.
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On
June 20 th, FREYR’s teams, partners and vendors at the CQP successfully produced dozens of unit cells with the automated Casting Unit Cell Assembly Machine. Several of the unit cells showed promising characteristics and formation was initiated on several produced cells.
- This achievement at the CQP further demonstrates FREYR’s capability to reach production milestones on a complex and novel next generation battery production platform. With this step, FREYR has strengthened the Company’s position as an attractive industrialization partner of choice for both novel and established Lithium-Ion battery production technologies.
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FREYR has also made material progress with its conventional production platform strategy. An increasing number of companies across the value chain are expressing interest in partnering with FREYR. Commercial agreements are in various stages of finalization supported by continued strong customer demand for localized battery solutions in both
North America andEurope .
FREYR successfully produces unit cells in continuous process at CQP
FREYR’s teams, partners, and vendors have reached the Company’s most significant technical achievement to date by producing unit cells in a continuous process with the Casting and
This achievement positions FREYR to improve material composition, increase production speeds and to produce multi-layer battery sample cells. While this work is ongoing, the CQP team will pursue opportunities with FREYR’s partners and vendors to enhance the SemiSolidTM technology’s technical and economic competitiveness in the current market environment.
“I am delighted to report that our teams have reached the most important milestone that we initially set out to reach at the CQP, and that we have met the previously communicated timeline to commence unit cell production with the Casting and
Next steps at the CQP
Following this successful production trial at the CQP, FREYR is focusing on the following priorities at the CQP:
- Reach nominal production speeds and surge speeds for short periods of time to demonstrate GWh scale manufacturing capability for the casting of electrodes;
- Produce multi-layer, in-spec pouch battery sample cells;
- Enhance the technical and economic competitiveness of the SemiSolidTM technology in an evolving battery market environment to complement FREYR’s conventional technology strategy;
- Initiate a process with other stakeholders in the 24M ecosystem and beyond to evaluate further industrialization of the existing platform coupled with recent R&D advancements on the SemiSolid™ platform supported by FREYR’s internally developed Artificial Intelligence and Machine Learning platforms; and
- Accelerate the work to source additional third-party development capital for specific use cases of the SemiSolidTM technology in the Western hemisphere.
“I am again very proud to see that FREYR, in collaboration with our vendors and partners, has reached yet another but also our most significant production milestone to date,” added
“Building a battery company is notoriously hard, especially in the current highly dynamic macro environment. More work remains to augment and accelerate the SemiSolid™ technology platform to commercially viable levels. However, our continued dedication to documenting our abilities to solve complex technical challenges and to produce batteries on a next-generation platform is strengthening our conventional platform approach. I am very pleased to observe that the interest in partnering with FREYR is stronger than ever from technology providers through customers across the value chain” continued
About
Cautionary Statement Concerning Forward-Looking Statements
All statements, other than statements of present or historical fact included in this letter, including, without limitation, the development, construction, timeline, capacity, and other usefulness of FREYR Battery’s (“FREYR”) production facilities or gigafactories; FREYR’s ability to improve material composition, increase production speeds and to produce multi-layer battery sample cells; FREYR’s ability to pursue opportunities with FREYR’s partners and vendors to enhance the SemiSolid™ Technology’s technical and economic competitiveness in the current market environment; and FREYR’s ability to successfully complete the next steps at the CQP.
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. Additional information about factors that could materially affect FREYR is set forth under the “Risk Factors” section in (i) FREYR’s Registration Statement on Form S-3 filed with the
FREYR intends to use its website as a channel of distribution to disclose information which may be of interest or material to investors and to communicate with investors and the public. Such disclosures will be included on FREYR’s website in the ‘Investor Relations’ sections. FREYR also intends to use certain social media channels, including, but not limited to, X (former Twitter) and LinkedIn, as means of communicating with the public and investors about FREYR, its progress, products, and other matters. While not all the information that FREYR posts to its digital platforms may be deemed to be of a material nature, some information may be. As a result, FREYR encourages investors and others interested to review the information that it posts and to monitor such portions of FREYR’s website and social media channels on a regular basis, in addition to following FREYR’s press releases,
View source version on businesswire.com: https://www.businesswire.com/news/home/20240624391333/en/
Investor:
Vice President, Investor Relations
jeffrey.spittel@freyrbattery.com
Tel: (+1) 409 599-5706
Media:
Global Head of Communications
amy.jaick@freyrbattery.com
Tel: (+1) 973 713-5585
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