FREYR and 24M sign license and services agreement for mass production of clean, low-cost and safe lithium-ion battery cells

FREYR AS and 24M Technologies, have signed a definitive License and Services Agreement to use 24M’s SemiSolid lithium-ion battery platform technology in FREYR’s planned facilities in Mo i Rana, Norway.

FREYR is targeting the development of over 40 GWh of scalable, modular battery cell production capacity via a phased development approach utilizing deep partnership-based strategies, including in-licensing of next generation technologies. 24M’s SemiSolid platform technology provides unique opportunities for the production of cost-optimized, application-specific designs in both grid and electric mobility markets.

24M has fundamentally redesigned the traditional LIB cell technology and production platform, delivering higher energy density per battery while enabling substantial reduction in capex, operating costs, CO2 emissions and physical footprint of the manufacturing facility as compared to conventional solutions. By combining the 24M platform with access to clean, low-cost renewable energy and Norway’s highly skilled engineering-based workforce, we will deliver on our goal of delivering safe, high quality batteries with the lowest cost and carbon content. We are now in the process of accelerating and increasing our ambitions to scale up production for all relevant market segments”, said Tom Jensen, the CEO of FREYR.

24M has drastically reduced the number of steps required to manufacture traditional battery cells, while still using conventional lithium-ion raw materials. This reduces the capital expenditures and enables substantial operational cost saving while increasing production throughput.  24M’s SemiSolid battery cell simplifies and enables stronger recycling opportunities. The production platform is highly flexible, works across all chemistries and can be re-tooled for various sized batteries and cathode and anode chemistries.

We are very pleased to have entered this partnership with FREYR.  We were very impressed with the team, their approach and their very ambitious growth plans.  We believe that our technology, coupled with FREYR’s capabilities and commitment to expand the business will ultimately be an important part of the decarbonization of the energy and transportation sectors”, said Naoki Ota, President & CEO of 24M Technologies

The license agreement provides FREYR with rights to unlimited production of battery cells based on 24M’s current and all future technology. This will enable FREYR to benefit from 24M’s ongoing R&D and integrate future versions of the SemiSolid platform into its production and sales of battery cells into all market segments. FREYR will pay both upfront and running fees to 24M.

FREYR is experiencing strong interest for its battery cell production plans based on this technology and the company has recently announced several initial agreements for industrial scale offtake of battery cells in marine and stationary segments and for long-term supply of battery materials and production equipment. FREYR continues to develop partnerships across the value chain, which will be announced as they are formalized.