FREYR Battery Provides Operations and Financial Update
- FREYR reaches major milestone by successfully conducting automated casting trials of electrodes with active electrolyte slurry at Customer Qualification Plant (“CQP”)
- FREYR expects to make functional battery cells for customer samples using full automation of CQP in H1 2024, which is the Company’s top strategic priority
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FREYR expects to submit Part 2 of its Title 17 application to
U.S. Department of Energy Loan Programs Office in Q1 2024 -
Year-end 2023 cash and equivalents balance of
$275.7 million exceeds previous guidance of$250 million
FREYR casts electrodes with active electrolyte slurry
FREYR’s team at the CQP reached a key milestone by producing automatically casted electrodes with active electrolyte slurry in a dry room environment starting on
“I am happy to report that FREYR has surpassed another key precursor to finalizing commissioning and starting fully automated production of cells at the CQP,” commented
A key distinction between the 24M SemiSolid production platform and conventional lithium-ion battery manufacturing technology is the order in which electrolyte is introduced to the process. In the 24M process, electrolyte is added at the start of cell processing, which eliminates the costly and energy intensive step of solvent recovery by drying the electrodes. As such, demonstrating the ability to cast electrodes with live electrolyte is a critical milestone on the path to eventually producing B sample cells for customers.
CQP commissioning status and key next steps
Following the successful electrode casting trials with active electrolyte slurry, FREYR has completed handovers of 363 (94%) of the 388 discrete production line equipment commissioning and testing packages at the CQP.
The final technical milestones to commence automated cell production at the CQP are:
- Successfully conducting production trials on the anode casting system with solvent slurry before proceeding to casting with active anode slurry.
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Integrating the casting webs across the cathode, anode, and merge units of the Casting and
Unit Cell Assembly equipment using the highly complex Multi-Carrier Systems (“MCS”).
“I am excited by the progress our people, in close collaboration with our partners, have made in recent weeks at the CQP to bring the 24M SemiSolid technology platform online at an unprecedented scale,” added
As previously announced, FREYR has secured conditional offtakes and one long-term sales agreement totaling approximately 130 GWh of cumulative capacity. At prices of
FREYR’s team continues to process Part 2 of its Title 17 application to the
“FREYR continues to believe that contributing to the development of a
Year-end 2023 cash balance exceeds previous guidance
FREYR ended 2023 with
About
Cautionary Statement Concerning Forward-Looking Statements
All statements, other than statements of present or historical fact included in this letter, including, without limitation, the development, construction, timeline, capacity, and other usefulness of FREYR Battery’s (“FREYR”) production facilities or gigafactories; FREYR’s ability to complete commissioning of its Customer Qualification Plant (“CQP”) and to achieve targeted improvements and the commencement of automated production of in-spec, customer-testable cells; FREYR’s ability to complete the technical requirements to stay on track with its anticipated completion cadence at the CQP; FREYR’s ability to carry out any successful future trials, implementation or integration of cathode testing and other technology to reach automated cell production; and the implementation and effectiveness of FREYR’s overall business and technology strategies are forward-looking statements.
These forward-looking statements 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 are difficult to predict. Additional 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
FREYR intends to use its website as a channel of distribution to disclose information which may be of interest or material to investors and to communicate with investors and the public. Such disclosures will be included on FREYR’s website in the ‘Investor Relations’ sections. FREYR also intends to use certain social media channels, including, but not limited to, X (former Twitter) and LinkedIn, as means of communicating with the public and investors about FREYR, its progress, products, and other matters. While not all the information that FREYR posts to its digital platforms may be deemed to be of a material nature, some information may be. As a result, FREYR encourages investors and others interested to review the information that it posts and to monitor such portions of FREYR’s website and social media channels on a regular basis, in addition to following FREYR’s press releases,
1 Cash, cash equivalents, and restricted cash per common share is a non-GAAP financial measure calculated by dividing cash, cash equivalents, and restricted cash by outstanding common shares (139,705,000 as of
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Investor contact:
Head of Investor Relations
jeffrey.spittel@freyrbattery.com
Tel: (+1) 409 599-5706
Media contact:
Global Head of Communications
amy.jaick@freyrbattery.com
Tel: (+1) 973 713-5585
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