Freyr Battery Takes Next Step Towards Giga America

Norwegian battery company, Freyr Battery, announced today that the U.S. Department of Energy (DoE) has invited the Company to submit the Part II loan application under the DoE Title 17 Clean Energy Financing Program for Freyr’s Giga America project in Georgia.

“This is an important next step in Freyr’s journey to fund our Giga America project,” commented Birger Steen, Freyrs’s Chief Executive Officer, according to the press release.

“With our redomiciliation to the U.S. now approved by our shareholders, Freyr is uniquely positioned to establish the Company as the U.S.-based industrialization partner of choice for clean battery technology solutions and to access the benefits of the U.S. Inflation Reduction Act utilizing the U.S.-based 24M Technologies SemiSolidTM platform for the manufacture of utility scale energy storage LFP battery systems", Steen reports.

The DoE loan application process is a key element of Freyr’s capital formation strategy to fund construction of the Giga America project. Freyr also continues to engage with potential investors in project-level equity to finance the equity component of anticipated capital expenditures and organizational development associated with the project.

The company states that it will continue to work on advancing the DoE Title 17 process during 2024.

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