FREYR Selects 24M as Technology Partner for Mass Production of the Most Cost-competitive, Environmentally Friendly and Safe Battery Cells
FREYR AS and 24M Technologies Inc. have signed a framework agreement for the in-licensing of the 24M lithium-ion cell manufacturing process and platform. FREYR plans to build, own and operate multiple lithium-ion battery (LiB) cell manufacturing facilities under development in Mo i Rana, Norway using the 24M semisolid electrode platform. The 24M technology provides the most space-efficient, lowest cost and modular manufacturing process for producing the most cost-competitive, environmentally friendly and safe battery cells.
FREYR is very excited to announce this first selection of a battery cell technology partner. The 24M semisolid solution represents a fundamental redesign of traditional LiB cell technology. Our process with 24M to date has revealed a technology with documented ability to significantly increase energy densities while substantially reducing investments and operating costs compared to traditional LiB solutions on the market today, says Tom Jensen, the CEO of FREYR.
The 24M manufacturing process uses traditional lithium-ion materials and promises more than a 50% reduction in capital expenditures compared to conventional LiB technologies and provides substantial operational cost savings. The semisolid technology functionally delivers more active material per volumetric unit, delivering higher densities at significantly lower cost via a simpler, more reliable, and safer manufacturing process than current conventional technology. In line with the agreement, FREYR plans to start installing and operating mass production facilities at gigawatt-hour scale capacity in Norway from 2022 and onwards. FREYR is currently preparing to order equipment for an initial large-scale pilot line and aims to start installing the equipment for Norways first LiB facility during the second half of 2021.
The signing of the framework agreement follows an initial intentional agreement between FREYR and 24M earlier this year. The companies are currently finalizing the definitive licensing and services agreements. FREYR will pay both upfront- and running licensing fees, which allows for unlimited production and sales of battery cells once the targeted production facilities are up and running.
24Ms technology supports the development of cost-optimized, application-specific battery cell designs for all of FREYRs target markets. Our use of thicker semisolid electrodes significantly reduces use of materials and capital investment compared to incumbent battery cell designs in addition to providing robust abuse tolerance, long life, 100% quality traceability and unique recycling attributes. We look forward to powering FREYRs growth journey with our leading technology, said Naoki Ota, President & CEO of 24M Technologies Inc.
FREYR is experiencing substantial interest from various customers for low- cost, high-energy density battery cells. The favorable attributes of the 24M battery cell will be instrumental for delivering market-leading solutions to the fastest growing demand segments for batteries globally. With 24M as a technology partner, we are substantially strengthening FREYRs value chain from the supply of 100% renewable energy with locally sourced raw materials and now state-of-the-art battery cell technology, designs and manufacturing processes, supported by a highly experienced battery cell and project development team, says Tom Jensen the CEO of FREYR.
In July of this year, FREYR successfully raised NOK 130 million of pre-construction equity financing for the first lithium-ion battery cell (LIB) facility in Norway with strong local and regional support. On 15 October this year, FREYR announced an MoU for large industrial scale off take for battery cells in marine and stationary segment with Siemens. Also, in October, FREYR announced an MoU with Elkem carbon AS for long-term supply of high-performance battery materials, and multiple other partnerships across the value chain are in the making and will be announced on a running basis