FREYR Battery ($FREY) Signs Agreement with Aleees to Produce Active Cathode Material
FREYR Battery (NYSE: FREY), a developer of clean, next-generation battery cell production capacity, has entered into an agreement with Aleees, a Taiwan-based lithium-iron phosphate cathode battery material manufacturer.
The agreement, which includes ongoing services and support from Aleees, provides the company with a worldwide license to produce and sell lithium-iron phosphate cathode material based on Aleees’ technology.
The company anticipates that the agreement will enable FREYR to meet the future lithium-iron phosphate cathode material needs of the Giga Arctic battery production facility in Norway. The company says that the volumes could also be deployed to FREYR’s planned Giga America project in the U.S.
FREYR’s Co-Founder and CEO Tom Einar Jensen stated: “Lithium-iron phosphate cathode materials comprise 40% or more of the cost of a battery cell and currently account for more than 45% of the projected full-cycle supply chain carbon footprint of cells. Through this agreement and in cooperation with Aleees, FREYR is positioned to become a low cost and low carbon producer of lithium-iron phosphate cathode material.”
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 transportation systems globally.
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