FREYR AS has received a NOK 142 million-grant (USD 16.4 million)
from the Norwegian Ministry of Climate and Environment through
ENOVA SF as part financing for the development and construction of
a pilot plant in Mo i Rana, Norway, which will be FREYR’s initial
clean battery cell production facility.
ENOVA is an enterprise owned by the Ministry of Climate and
Environment. The enterprise is contributing to reduced non-quota
greenhouse gas emissions by 2030 and technology development and
innovation that contributes to emission reductions up to 2050.
“It is exciting to see Norwegian businesses lead the way in the
global battery race and develop tomorrow’s industry with tomorrow’s
technology. It is important to ENOVA that Norwegian battery
production is as climate friendly as possible, and we want to
contribute to reducing the risks related to more environmentally
friendly technology,” says Nils Kristian Nakstad, CEO of ENOVA.
With support from the grant, FREYR’s Board has sanctioned the
final contracting processes for the plant. Construction of the
plant is expected to start in the second quarter of 2021 and is an
important step in realizing FREYR's initial target of scaling to 43
GWh of cost efficient and clean battery cell production capacity by
2025. FREYR plans to qualify this next generation battery cell
technology as part of its ambition to accelerate the
decarbonisation of all transportation and energy systems, and
utilize Norway’s inherent advantages, including access to renewable
energy, low electricity prices, Norway’s highly skilled workforce
and the closeness to rapidly growing markets in Europe and the
US.
“The ENOVA grant supports our decision to develop FREYR’s and
Norway’s first lithium-ion battery cell manufacturing facility. The
grant provides enabling financial support for our pilot plant and
serves as a strong recognition of FREYR’s ambition to produce
battery cells with high energy density at low cost with the world’s
lowest carbon footprint,” says Tom Einar Jensen, the CEO of
FREYR.
On 29 January 2021, FREYR announced that it will become a
publicly listed company through a business combination with Alussa
Energy Acquisition Corp., raising approximately USD 850 million in
equity proceeds to accelerate the development of clean battery cell
manufacturing capacity in Norway. Subject to closing conditions
being met, the combined company will be named “FREYR Battery”
("Pubco") and its common stock is expected to start trading on the
New York Stock Exchange under the ticker symbol FREY upon closing,
expected in the second quarter of 2021. On 16 February 2021, the
extraordinary general meeting of FREYR approved the business
combination.
About FREYR AS
FREYR plans to develop up to 43 GWh of battery cell production
capacity by 2025 to position the company as one of Europe’s largest
battery cell suppliers. The facilities will be located in the Mo i
Rana industrial complex in Northern Norway, leveraging Norway’s
highly skilled workforce and abundant, low-cost renewable energy
sources from hydro and wind in a crisp, clear and energized
environment. FREYR will supply safe, high energy density and cost
competitive clean battery cells to the rapidly growing global
markets for electric vehicles, energy storage, and marine
applications. FREYR is committed to supporting cluster-based
R&D initiatives and the development of an international
ecosystem of scientific, commercial, and financial stakeholders to
support the expansion of the battery value chain in our region. For
more information, please visit www.freyrbattery.com.
About Enova
Enova SF is owned by the Ministry of Climate and Environment and
contributes to reduced greenhouse gas emissions, development of
energy and climate technology and a strengthened security of
supply. For more information, visit: https://www.enova.no.
About Alussa Energy Acquisition Corp.
Alussa Energy is a blank check company formed for the purpose of
effecting a merger, share exchange, asset acquisition, stock
purchase, reorganization or similar business combination with one
or more businesses. While Alussa Energy may pursue an acquisition
opportunity in any industry or sector, Alussa Energy intends to
focus on businesses across the entire global energy supply chain.
For more information, please visit:
https://www.alussaenergy.com.
Forward-looking statements
The information in this press release includes forward-looking
statements and information based on management’s expectations as of
the date of this press release. All statements other than
statements of historical facts, including statements regarding
FREYR’s business strategy, anticipated business combination with
Alussa Energy (the “Transaction”) and the terms of such
combination, anticipated benefits of FREYR’s technologies and
projected production capacity are forward-looking statements. The
words “may,” will,” “expect,” “plan,” “target,” or similar
terminology are intended to identify forward-looking statements,
although not all forward-looking statements contain these
identifying words. FREYR may not actually achieve the plans or
expectations disclosed in these forward-looking statements, and you
should not place undue reliance on these forward-looking
statements. Factors that may cause actual results to differ
materially from current expectations, include FREYR’s ability to
execute on its business strategy and develop and increase
production capacity in a cost-effective manner; changes adversely
affecting the battery industry; the further development and success
of competing technologies; the failure of 24M technology or FREYR’s
batteries to perform as expected; and our ability to complete the
business combination with Alussa Energy on the terms that we
currently expect or at all.
No Offer or Solicitation
This press release is for informational purposes only and shall
not constitute an offer to sell or the solicitation of an offer to
buy any securities pursuant to the Transaction or otherwise, nor
shall there be any sale of securities in any jurisdiction in which
the offer, solicitation or sale would be unlawful prior to the
registration or qualification under the securities laws of any such
jurisdiction. No offer of securities shall be made except by means
of a prospectus meeting the requirements of Section 10 of the
Securities Act of 1933, as amended.
No Assurances
There can be no assurance that the Transaction will be
completed, nor can there be any assurance, if the Transaction is
completed, that the potential benefits of combining the companies
will be realized.
Important Information about the Transaction and Where to Find
It
In connection with the Transaction, Alussa Energy and Pubco will
file relevant materials with the SEC, including a Form S-4
registration statement to be filed by Pubco (the “S-4”), which will
include a prospectus with respect to Pubco’s securities to be
issued in connection with the proposed business combination and a
proxy statement (the “Proxy Statement”) with respect to Alussa
Energy’s shareholder meeting at which Alussa Energy’s shareholders
will be asked to vote on the proposed Business Combination and
related matters. ALUSSA ENERGY SHAREHOLDERS AND OTHER INTERESTED
PERSONS ARE ADVISED TO READ, WHEN AVAILABLE, THE S-4 AND THE
AMENDMENTS THERETO AND OTHER INFORMATION FILED WITH THE SEC IN
CONNECTION WITH THE TRANSACTION, AS THESE MATERIALS WILL CONTAIN
IMPORTANT INFORMATION ABOUT ALUSSA ENERGY, PUBCO, FREYR AND THE
TRANSACTION. When available, the Proxy Statement contained in the
S-4 and other relevant materials for the Transaction will be mailed
to shareholders of Alussa Energy as of a record date to be
established for voting on the proposed business combination and
related matters. The preliminary S-4 and Proxy Statement, the final
S-4 and definitive Proxy Statement and other relevant materials in
connection with the Transaction (when they become available), and
any other documents filed by Alussa Energy with the SEC, may be
obtained free of charge at the SEC’s website (www.sec.gov) or by
writing to Alussa Energy Acquisition Corp. at c/o PO Box 500, 71
Fort Street, Grand Cayman KY1-1106, Cayman Islands.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20210302006225/en/
FREYR Steffen Føreid, CFO, +47 9755 7406,
steffen.foreid@freyrbattery.com Harald Bjørland, Investor
Relations, +47 908 58 221, hb@crux.no Hilde Rønningsen, Director of
Communications,+47 453 97 184,
hilde.ronningsen@freyrbattery.com
ENOVA Arve Solheim, Markets, Enova SF, +47-982 83 966,
arve.solheim@enova.no
Alussa Energy Chi Chow, Alussa Energy, Strategy &
Investor Relations, +1 929-303-6514, cchow@alussaenergy.com
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