FREYR Battery Secures €100M EU Grant for Giga Arctic Project
Thursday, Oct 24, 2024 8:25 am ET
1min read FREYR Battery, a leading developer of clean, next-generation battery cell production capacity, has received a significant boost with a €100 million grant from the European Union (EU) Innovation Fund. This grant will support the development of FREYR's Giga Arctic project in Norway, further cementing the company's position in the European battery market.
The EU's Innovation Fund, one of the world's largest funding opportunities for projects designed to reduce greenhouse gas emissions, has recognized the potential of FREYR's Giga Arctic project. This project aims to produce clean battery products using 100% renewable hydroelectricity, aligning with the EU's broader strategy to transition to a low-carbon economy.
The grant will accelerate the construction timeline of the Giga Arctic project, which is designed to have a 29 GWh nameplate capacity. This facility will be based on the 24M Technologies SemiSolid™ manufacturing platform, enabling FREYR to bring clean battery products to customers and partners across Europe more quickly.
FREYR's customers can expect significant emissions mitigation through the use of batteries produced at the Giga Arctic facility. According to a report by Minviro, an independent life cycle assessment company, the annual production at this facility could enable customers to mitigate 80 million tons of CO2 emissions over the batteries' lifetime. This corresponds to almost twice the total amount of CO2 emitted in Norway annually.
The EU's support for FREYR's Giga Arctic project will not only accelerate the development of next-generation battery production capacity in Norway but also foster regional energy security and faster deployment of renewable energy. This grant will facilitate further momentum for the project and strengthen FREYR's competitive position in the European battery market.
In conclusion, FREYR Battery's receipt of the €100 million EU Innovation Fund grant is a testament to the company's commitment to clean, next-generation battery production. This grant will accelerate the development of the Giga Arctic project, bring clean battery products to customers more quickly, and contribute to the EU's broader strategy of transitioning to a low-carbon economy.
The EU's Innovation Fund, one of the world's largest funding opportunities for projects designed to reduce greenhouse gas emissions, has recognized the potential of FREYR's Giga Arctic project. This project aims to produce clean battery products using 100% renewable hydroelectricity, aligning with the EU's broader strategy to transition to a low-carbon economy.
The grant will accelerate the construction timeline of the Giga Arctic project, which is designed to have a 29 GWh nameplate capacity. This facility will be based on the 24M Technologies SemiSolid™ manufacturing platform, enabling FREYR to bring clean battery products to customers and partners across Europe more quickly.
FREYR's customers can expect significant emissions mitigation through the use of batteries produced at the Giga Arctic facility. According to a report by Minviro, an independent life cycle assessment company, the annual production at this facility could enable customers to mitigate 80 million tons of CO2 emissions over the batteries' lifetime. This corresponds to almost twice the total amount of CO2 emitted in Norway annually.
The EU's support for FREYR's Giga Arctic project will not only accelerate the development of next-generation battery production capacity in Norway but also foster regional energy security and faster deployment of renewable energy. This grant will facilitate further momentum for the project and strengthen FREYR's competitive position in the European battery market.
In conclusion, FREYR Battery's receipt of the €100 million EU Innovation Fund grant is a testament to the company's commitment to clean, next-generation battery production. This grant will accelerate the development of the Giga Arctic project, bring clean battery products to customers more quickly, and contribute to the EU's broader strategy of transitioning to a low-carbon economy.
Disclaimer: the above is a summary showing certain market information. AInvest is not responsible for any data errors, omissions or other information that may be displayed incorrectly as the data is derived from a third party source. Communications displaying market prices, data and other information available in this post are meant for informational purposes only and are not intended as an offer or solicitation for the purchase or sale of any security. Please do your own research when investing. All investments involve risk and the past performance of a security, or financial product does not guarantee future results or returns. Keep in mind that while diversification may help spread risk, it does not assure a profit, or protect against loss in a down market.
16:50
see see
how
see it
let me see
let me see
OMG!
Due to my experience, there are no magic in trading, having a strategy that ensures profits is the best you can do and that's not for novice, lost over $12k trading on my own. Investing creates a safe heaven for the future with the right investment choices that has at least 2% minimum risks and with the advice of an expert trader I earn 40k last month profits and interest are 💯guaranteed. Elizabeth Towles she’s one of the best traders in the crypto world, I have made so much profits from trading with her recommend..her info +1(563)279-8487
Don't invest blindly in stocks or crypto when you do not have a proper guide. I lost 30k trying to trade on my own but ever since Mrs Elizabeth Towles stepped in, I have been making huge profits. I made over 450k since October. She is always available to tell you more about investing and give a guide on how to trade visit her on WhatsApp +1(563)279-8487