FREYR Battery (“FREYR”), a developer of next-generation battery cell production capacity, have entered into two memoranda of understanding (“MoU”) with Finnish Minerals Group and the City of Vaasa, respectively, for strategic collaborations on potential development of industrial scale battery cell technology and production in Finland.
Along with the MoU with the City of Vaasa, FREYR holds an exclusive right up until 22nd July 2022 to the selected 90-hectare (900,000-square-meter) site for a potential battery cell plant, subject to certain conditions related to the progress of the project being met, and a cooperation for joint site-development to accelerate supply of low-carbon and cost efficient batteries in Finland.
“Vaasa offers an attractive location for a battery cell production plant inside the EU, with access to local, short-travelled raw materials, abundant renewable power and cooling water, plus an existing cluster of leading suppliers for the battery value chain,” says Tom Einar Jensen, the CEO of FREYR.
