Freyr Battery awarded EUR 100M grant from European Union

Freyr Battery announced that the company has been awarded a EUR 100M grant from the European Union to support development of Freyr’s Giga Arctic project in Norway. The grant will be funded through the EU’s Innovation Fund, or “EUIF,” as part of the EU’s efforts to promote localized production of battery solutions. Giga Arctic, which has been under development since Freyr’s board of directors sanctioned the start of construction in June 2022, is designed to be a 29 GWh nameplate capacity facility based on the 24M Technologies SemiSolid manufacturing platform and powered with 100% renewable hydroelectricity. “We are delighted with the news we have received from the EU’s Innovation Fund to support FREYR’s Giga Arctic project. This grant is a recognition that batteries represent the key catalyst of the energy transition supporting regional energy security through faster deployment of renewable energy. Moreover, this significant financial commitment provides timely support to continued development of the Giga Arctic project, which is intended to bring clean battery products to our customers and partners across Europe. We look forward to working with the EUIF as well as the Norwegian Government to unlock further momentum for next generation battery production capacity at GWh scale in Norway,” remarked Tom Einar Jensen, Freyr’s Co-Founder and CEO.