Recently, FREYR, a Norwegian battery cell manufacturer, contacted us to give some second-quarter news. But what particularly drew my notice was what the cunning PR representative included in the email to draw our attention. She pointed out that businesses like FREYR Battery (Ticker: FREY), which has agreements in place with three significant US-based corporations, including Koch Industries, Honeywell, and Powin, may benefit greatly from the Inflation Reduction Act of 2022 (IRA). Additionally, the business claimed that it is quickening its development plans in the U.S. due to the expansion of the market and the financial benefits of the proposed Inflation Reduction Act (emphasis added).
That is true. Even though the measure hasn’t passed Congress yet, Joe Biden hasn’t yet signed it into law, and it’s still in the news, businesses are already reacting and hastening their company development plans! That is a convincing example of the importance of such legislation. Imagine how much it will impact industry and commercial planning in the years to come. Imagine how many additional employment will be generated by this law over the next few decades in the fields of energy efficiency, clean energy production, and battery manufacturing.
The FREYR official said that the company is currently considering building a battery gigafactory in the United States and that the Norwegian company has settled on just five locations. Additionally, it just established a Boston, Massachusetts, office.
In Mo I Rana, Norway, FREYR is building Giga Arctic, a 29 gigawatt-hour (GWh) facility. (Well done FREYR for the creative naming. There is no justification for making a battery factory dull!)
The company is planning Giga America, which it expects to have a 35 GWh battery cell production capacity, in collaboration with Koch Strategic Platforms. The gigafactory will make use of 24M Technologies’ generation 3 technology.
The completion of new strategic relationships across the battery value chain, the demonstration of meaningful financial support from the Norwegian Government, the achievement of significant milestones, and accelerating commercial momentum were the highlights of our second quarter, according to Tom Einar Jensen, CEO of FREYR. We are pushing many strategic initiatives to further our goals of being an industrial partner of choice in the clean battery industry as energy security and government-backed decarbonization mandates gain traction in significant end markets across Europe and the United States.
Our team is concentrating on completing the Customer Qualification Plant and Giga Arctic projects in Mo I Rana, formalizing agreements with our financial, governmental, and strategic partners to accelerate our growth, and expanding our presence throughout the battery value chain as we look toward the second half of 2022 and beyond, said Jensen.
How quickly will FREYR construct Giga America and a second battery gigafactory here in the United States? How much of those plans have been expedited by the IRA? Which businesses is FREYR collaborating with, supplying, or seeking to collaborate with in the US and Norwegian EV and battery markets? How will the IRA affect the U.S. mining and processing of battery minerals, according to FREYR? With regard to these inquiries, we will follow up with FREYR. Have you got any more to add?
The featured photo is a gift from FREYR.
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