Freyr targets potential coalition with Caterpillar, Glencore, Siemens and Nidec

FREYR Battery (FREY) has announced that the Company has entered into discussions on a potential strategic coalition with Glencore, Caterpillar (CAT), Siemens, and Nidec to pursue the scale up of sustainable battery solutions across Europe, North America, and beyond. The non-binding alliance may establish guiding principles including: a shared vision of battery technology as critical to the energy transition; a commitment to collectively scale up the deployment of batteries in Europe, North America and beyond to support our respective sustainability goals and the decarbonization of our customers’ operations; collaboration on the development of novel solutions and service offerings suited to the low carbon energy system of tomorrow; and development of robust, sustainable, and circular supply chains for battery materials and technology. When formally formed, the strategic coalition of partners should facilitate exploration of mutual areas of interest along the battery value chain. Potential arenas of commercial collaboration include battery cell manufacturing; pack and module integration; digital and software services; mining and refining; power market stationary storage applications; electric transportation; and recycling/end-of-life solutions.