FREYR Battery and ITOCHU join forces to develop the materials supply chain
FREYR battery and ITOCHU join forces to develop the materials supply chain.
FREYR Battery (NYSE: FREY) (“FREYR”), a developer of next-generation clean battery cell production capabilities, announced a new service agreement with ITOCHU Corporation (“ITOCHU”), global trading and import/export company. Under this agreement, ITOCHU will serve as a direct material supplier for FREYR’s procurement and supply chain operations.
Dr. Tilo HaukeEVP Supply Chain Management, FREYR, said:
We are excited to partner with ITOCHU, and intend to leverage their shipping, planning and production expertise as we establish, nurture, decarbonise and localize our midstream supply chain. growth. ITOCHU has an extensive global network of trusted material suppliers, which we believe will lead to significant benefits for FREYR as we cooperatively source and evaluate high quality materials.
Yasuhiro AbeCOO of Energy and Environmental Solutions Division, ITOCHU, said:
As the world moves towards decarbonization, we view FREYR as integral to building a clean and sustainable lithium battery industry.
“Supply chain will be a critical part of their journey to greater speed and scale in the market, and we look forward to helping them source raw materials to meet their growing needs.”
FREYR and ITOCHU previously entered into a memorandum of understanding in 2020, which outlined a mutual intention to explore potential opportunities in lithium-ion battery production and related operations.
As FREYR approaches initial production at the customer qualification plant, the two companies are deepening their collaboration to secure the raw materials needed for FREYR’s planned giga-scale battery production.
Both ITOCHU and FREYR are investors in 24M Technologies, Inc., FREYR’s US-based technology licensing partner. The 24M production platform is designed to enable significant reductions in capital expenditure, plant footprint, energy consumption and raw materials.
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 transport systems on a global scale.
FREYR has begun construction of the first of its planned plants in Mo i Rana, Norway, and announced the 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 of annual capacity by 2028 and 200 GWh of annual capacity by 2030. To learn more about FREYR, please visit www.freyrbattery.com
About ITOCHU Corporation
The history of ITOCHU Corporation dates back to 1858 when the company’s founder, Chubei Itoh, started linen trading operations. Since then, ITOCHU has evolved and grown for 150 years.
With around 100 bases in 62 countries, ITOCHU, one of the leading sogo shosha, engages in domestic trade, import/export and overseas trade of various products such as textile, machinery, metals, minerals, energy, chemicals, food, general trade. commodities, real estate, information and communications technology, and finance, as well as business investment in Japan and overseas.
For more information, visit: www.itochu.co.jp.
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