Release date: 27 June 2022
Promoter – Financial Intermediary
FREYR BATTERY SALocation
Description
The project concerns the construction and operation of a large plant for industrial scale production of clean lithium-ion battery cells in Norway. The cells are to be sold for making Battery Energy Storage Systems. The project seeks to implement an innovative manufacturing process technology under a technology license agreement that will allow higher resource and energy efficiencies compared to conventional technologies. By the use of renewable power, the project aims to produce battery cells with the lowest carbon footprint. The promoter aims to use sustainably sourced and traceable materials. The project's core strategy is to develop a European battery industry and accelerate the decarbonisation of energy and transportation systems.
Objectives
The project concerns the manufacturing of a new type of advanced li-ion electrodes and battery cells and could make a substantial contribution to the development of a European battery industry. The objective is to cater for the energy transition by supplying the growing demand for Battery Energy Storage Systems with cutting-edge battery cells that offer higher energy density, longer lifetime, improved safety, lower cost, sustainably sourced materials, and near-zero carbon footprint.
Sector(s)
- Industry - Manufacturing
Proposed EIB finance (Approximate amount)
not disclosed
Total cost (Approximate amount)
not disclosed
Environmental aspects
The project concerns capital investments for the production of lithium-ion electrodes, cells and batteries, falling under the EIA Directive 2014/52/EU amending the EIA Directive 2011/92/EU. All environmental, health and safety issues including environmental and operational authorisations will be reviewed during the due diligence process.
Procurement
The Promoter has been assessed by the EIB as being a private company not subject to EU rules on public procurement or concessions. However, if at the project appraisal, the EIB were to conclude that the Promoter is subject to the EU public procurement legislation then the Bank would duly inform the Commission Services and would require the Promoter to apply those rules.
Status
Under appraisal - 5/01/2022
Disclaimer
Before financing approval by the Board of Directors, and before loan signature, projects are under appraisal and negotiation. The information and data provided on this page are therefore indicative.
They are provided for transparency purposes only and cannot be considered to represent official EIB policy (see also the Explanatory notes).