FREYR Battery plans USD-2.6bn-plus Gigafactory in Georgia

Norwegian battery cell company FREYR Battery (NYSE:FREY) today unveiled plans for a multi-phase battery cell production facility in the US state of Georgia that would require a total investment of more than USD 2.6 billion (EUR 2.61bn).

FREYR said in a statement it has purchased land for the development of the Giga America project within the Bridgeport Industrial Park in Coweta County.

In the first phase, the company plans to build a cell production module of about 34 GWh based on the SemiSolid technology of its US licensing partner 24M Technologies Inc. This particular stage of the project is estimated to cost some USD 1.7 billion, according to the announcement.

In the coming months, the company will conduct detailed plant engineering for the initial module, while considering the addition of more value-accretive upstream and downstream modules along with a second cell production phase. Such expansions are seen to bring total capital investments to above USD 2.6 billion by 2029.

FREYR is also currently working on securing clean power supply for Giga America.

As per the financing of the project, the company will rely on Inflation Reduction Act (IRA)-related production tax credits and strong financial incentives from the State of Georgia and Coweta County. Also, the developer intends to apply for grants or loans from the US Department of Energy.

“Expanding into the US has been a foundational aspect of FREYR’s long-term strategy from our inception, and with the recent passage of the Inflation Reduction Act, we expect US demand for ESS, passenger EV and other electric mobility applications to grow rapidly over the next decade,” commented Tom Einar Jensen, FREYR’s co-founder and CEO.

FREYR is already building a Gigafactory in Norway – the Giga Arctic project in Mo i Rana, and has plans for industrial-scale battery cell production in Vaasa, Finland. The company’s objective is to install 50 GWh of annual battery cell capacity by 2025, 100 GWh by 2028, and 200 GWh by 2030.

(USD 1 = EUR 1.005)

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