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November 11, 2022 – TheNewswire - FREYR Battery (NYSE:FREY), a developer of next-generation battery cell production capacity, has announced the purchase of a site in Coweta County, Georgia for its planned Giga America battery plant.
The company says that it selected the Bridgeport Industrial Park site based on key operational, logistical, and financial criteria, including the suitability of the site to co-locate modular upstream and downstream projects with the Giga America cell manufacturing facility.
FREYR says that the initial phase of the Giga America factory will include a cell production module of approximately 34 GWh based on the next-generation of 24M Technologies U.S.-based SemiSolid™ production platform. The company says that it is also evaluating value accretive upstream and downstream modules as well as additional cell production lines that are expected to bring total capital investments to more than $2.6 billion through 2029.
FREYR’s Co-Founder and CEO Tom Einar Jensen stated: “Today’s landmark announcement underscores FREYR’s ambition to develop a very strong and near-term operational footprint in the United States. Expanding into the U.S. 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 U.S. demand for ESS, passenger EV and other electric mobility applications to grow rapidly over the next decade.”
The U.S. energy storage market, which is already the largest in the world, is expected to experience exponential growth over the next several years and could reach as much as 1.4 TWh by 2030.
FREYR says that it is also evaluating clean power supply solutions for the Giga America project with U.S. independent power producers and that its long-term ambition is to replicate the strategy employed at Giga Arctic, where it plans to produce next-generation batteries that are among the cleanest anywhere in the world.
Shares of FREYR Battery trade on the NYSE under the symbol FREY. For more information visit www.greenstocknews.com.
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