FREYR Battery Enters into Agreement with HENT AS to Construct Giga Arctic Battery Production Facility
September 30 2022 - 5:59AM
Business Wire
FREYR Battery (NYSE: FREY) (“FREYR”), a developer of clean,
next-generation battery cell production capacity, has entered into
an agreement with HENT AS (“HENT”), one of Norway’s largest general
contractors and project developers. HENT will be responsible for
the planning, project management and construction of FREYR’s
120,000 square-meter battery factory building including facilities
and infrastructure in Mo i Rana, Norway, known as Giga Arctic.
This press release features multimedia. View
the full release here:
https://www.businesswire.com/news/home/20220930005249/en/
Knut Alstad, EVP Market & Development
HENT, and COO Jan Arve Haugan FREYR Battery (Photo: Business
Wire)
HENT has previously delivered several large construction
projects across the Nordics to companies in both the public and
private sectors. For Giga Arctic, HENT’s role includes the
construction, technical installations, and related
infrastructure.
“This is an exciting milestone for us. With HENT now at the helm
of constructing Giga Arctic, we expect to be well-positioned to
meet our targets for clean battery production. We selected HENT as
our partner on this journey due to their great track record in
building and developing large and complex facilities, as well as
their work with us so far on Giga Arctic,” says Einar Kilde, EVP
Project Execution, FREYR.
“In addition, HENT’s commitment to Health, Safety, Security and
Environment (“HSSE”) is well aligned with our own, and we see that
along with the much-needed speed and scale we target for battery
production, sustainability is of equal weight and importance,”
Kilde adds.
In December 2021, FREYR announced an initial collaboration
agreement with HENT. This contract covered the first stage of
development for FREYR’s Giga Arctic Factory in the Mo Industrial
Park. The new agreement marks the start of phase two and the
commencement of construction of the Giga Arctic plant.
“We’re extremely pleased and proud to be on board for the next
phase of FREYR’s battery development in Norway. This is a testament
to our strong alignment and positive collaboration as we navigate
these large-scale construction projects side-by-side. At HENT, we
are active proponents of building as safely and sustainably as
possible, and when working with FREYR, we find a like-minded
partner with a clear vision of a strong and sustainable battery
industry in Norway, one that starts in the heart of Rana
municipality,” says Knut Alstad, EVP Market & Development,
HENT.
About FREYR Battery
FREYR Battery aims to provide industrial scale clean battery
solutions to reduce global emissions. Listed on the New York Stock
Exchange, FREYR’s mission is to produce green battery cells to
accelerate the decarbonization of energy and transportation systems
globally. FREYR has commenced building the first of its planned
factories in Mo i Rana, Norway and announced potential development
of industrial scale battery cell production in Vaasa, Finland, and
the United States. FREYR intends to install 50 GWh of battery cell
capacity by 2025 and 100 GWh annual capacity by 2028 and 200 GWh of
annual capacity by 2030. To learn more about FREYR, please visit
www.freyrbattery.com
About HENT AS
HENT is a leading construction company that mainly works with
new construction of public and commercial real estate. HENT focuses
on project development, project management and purchasing. Its
projects are carried out with its own project administration and in
collaboration with a knowledgeable network of quality-assured
subcontractors. It conducts projects throughout Norway and in
selected segments in Sweden and Denmark.
Cautionary Statement Concerning Forward-Looking
Statements
All statements, other than statements of present or historical
fact included in this press release, including, without limitation,
statements regarding FREYR’s ability to meet its targets for clean
battery production; HENT’s ability to deliver on the planning,
project management and building of FREYR’s more than 80,000
square-meter battery production facilities in Mo i Rana, Norway,
known as Giga Arctic; HENT’s role in the construction, technical
installations, and related infrastructure of Giga Arctic; and
FREYR’s and HENT’s commitment to HSSE and its ability to deliver
speed, scale and sustainability in battery production are
forward-looking and involve significant risks and uncertainties
that could cause the actual results to differ materially from the
expected results.
Most of these factors are outside FREYR’s control and difficult
to predict. Information about factors that could materially affect
FREYR is set forth under the “Risk Factors” section in (i) FREYR’s
Registration Statement on Form S-3 filed with the Securities and
Exchange Commission (the "SEC") on September 1, 2022, and (ii)
FREYR’s annual report on Form 10-K filed with the SEC on March 9,
2022, available on the SEC’s website at www.sec.gov.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20220930005249/en/
Investor contact: Jeffrey Spittel Vice President,
Investor Relations jeffrey.spittel@freyrbattery.com Tel: (+1)
281-222-0161
Media contact: Hilde Rønningsen Communications Director
hilde.ronningsen@freyrbattery.com Tel: (+47) 453 97 184
FREYR Battery (NYSE:FREY)
Historical Stock Chart
From Mar 2024 to Apr 2024
FREYR Battery (NYSE:FREY)
Historical Stock Chart
From Apr 2023 to Apr 2024