Oslo-based Freyr Battery has received a €100 million grant via the EU Innovation Fund aimed at supporting the ongoing development of the company’s Giga Arctic project.
Located in “Sentraltomta", a site in Mo i Rana, Northern Norway, the dual giga factory project, is designed to be a 29 GWh nameplate capacity facility powered with 100% renewable hydroelectricity.
According to an independent third-party review conducted by life cycle assessment firm Minviro, when completed, Freyr’s Giga Arctic facility could mitigate 80 million tons of CO2 emissions (or twice the total amount of CO2 emitted in Norway per annum), over the batteries’ lifetime when used for renewable Energy Storage Systems (ESS).
"This grant is a recognition that batteries represent the key catalyst of the energy transition supporting regional energy security through faster deployment of renewable energy,” commented Freyr co-founder and CEO Tom Einar Jensen. “Moreover, this significant financial commitment provides timely support to continued development of the Giga Arctic project, which is intended to bring clean battery products to our customers and partners across Europe.”
The Giga Arctic project is just the first in a series of Freyr’s plans, as the company is investigating further opportunities to develop industry-scale battery cell production in the United States and Vaasa, Finland. Ultimately, the company wants to install 50 GWh of battery cell capacity by 2025, 100 GWh annual capacity by 2028, and 200 GWh of annual capacity by 2030.
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