("SUNWODA EVB") to form a partnership with the intention to expand business in the western hemisphere based on SUNWODA EVB’s conventional technology.įREYR has received an indication that a major passenger vehicle OEM intends to join FREYR’s strategic energy transition coalition alongside Caterpillar (NYSE: CAT), Glencore Plc (LN: GLEN), Siemens AG (GY: SIE), and Nidec Corporation (TSE: 6594). On June 20th, FREYR entered into a Heads of Terms ("HoT") agreement with Sunwoda Mobility Energy Technology Co., Ltd. FREYR recently welcomed more than 20 financial institutions into the investment diligence process to facilitate a competitive anticipated closing of the financing in 3Q 2023 and projected SOP for the initial two production lines in summer of 2025 as previously indicated. More than 10 strategic and industrial partners are currently evaluating the opportunity in the data room, and more than five companies have provided preliminary indications of participation in the project level equity raise.
FREYR is considering a re-accelerated 2+6 line factory configuration similar to the Giga America development plan based on positive feedback to date with targeted SOP in 2025.įREYR’s farm-down process for Giga America with strategic partners is progressing in accordance with the company’s initial book-building plan. Representatives from the Norwegian Government have publicly stated that they will announce the framework conditions and financial incentives for the battery industry in accordance with an updated plan.
The Norwegian Government is expected to outline a battery industry support package later this week. The semi-automated assembly of the first unit cells is the first major post-opening achievement at the CQP less than two years after FREYR announced its Final Investment Decision ("FID") of the giga scale nameplate plant. FREYR assembles and successfully charges its first semi-automated battery unit cells at the Customer Qualification Plant, provides Giga Arctic and Giga America financing updates, announces technology diversification progress including a Heads of Terms agreement with Sunwoda Mobility Energy Technology Co., Ltd., and receives indication that a major passenger vehicle OEM intends to join FREYR’s recently formed Energy Transition Acceleration CoalitionįREYR has assembled and successfully charged its first battery unit cells at the company’s Customer Qualification Plant ("CQP") and is on schedule to ramp process automation, production, and testing of chargeable cells in H2 2023 and beyond.
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