{"id":449134,"date":"2021-03-03T02:05:29","date_gmt":"2021-03-03T07:05:29","guid":{"rendered":"http:\/\/www.marketnewsdesk.com\/?p=449134"},"modified":"2021-03-03T02:05:29","modified_gmt":"2021-03-03T07:05:29","slug":"freyr-receives-government-low-emission-grant-from-enova-to-support-development-of-initial-clean-battery-cell-production-facility","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/freyr-receives-government-low-emission-grant-from-enova-to-support-development-of-initial-clean-battery-cell-production-facility\/","title":{"rendered":"FREYR Receives Government Low-Emission Grant from ENOVA to Support Development of Initial Clean Battery Cell Production Facility"},"content":{"rendered":"<p>        <!--body {font:normal small Arial,Helvetica,sans-serif;color:#000;background-color:#fff;padding:24px;margin:0;} a img {border:0;} h3 {font-size:medium;color:#000;margin:0 0 1em 0; text-align:center;}-->  <\/p>\n<p><b>FREYR Receives Government Low-Emission Grant from ENOVA to Support Development of Initial Clean Battery Cell Production Facility<\/b><\/p>\n<p>NEW YORK&#8211;(<a href=\"http:\/\/www.businesswire.com\">BUSINESS WIRE<\/a>)&#8211;<br \/>\nFREYR AS has received a NOK 142 million-grant (USD 16.4 million) from the Norwegian Ministry of Climate and Environment through ENOVA SF as part financing for the development and construction of a pilot plant in Mo i Rana, Norway, which will be FREYR\u2019s initial clean battery cell production facility.\n<\/p>\n<p>\nENOVA is an enterprise owned by the Ministry of Climate and Environment. The enterprise is contributing to reduced non-quota greenhouse gas emissions by 2030 and technology development and innovation that contributes to emission reductions up to 2050.\n<\/p>\n<p>\n\u201cIt is exciting to see Norwegian businesses lead the way in the global battery race and develop tomorrow\u2019s industry with tomorrow\u2019s technology. It is important to ENOVA that Norwegian battery production is as climate friendly as possible, and we want to contribute to reducing the risks related to more environmentally friendly technology,\u201d says Nils Kristian Nakstad, CEO of ENOVA.\n<\/p>\n<p>\nWith support from the grant, FREYR\u2019s Board has sanctioned the final contracting processes for the plant. Construction of the plant is expected to start in the second quarter of 2021 and is an important step in realizing FREYR&#8217;s initial target of scaling to 43 GWh of cost efficient and clean battery cell production capacity by 2025. FREYR plans to qualify this next generation battery cell technology as part of its ambition to accelerate the decarbonisation of all transportation and energy systems, and utilize Norway\u2019s inherent advantages, including access to renewable energy, low electricity prices, Norway\u2019s highly skilled workforce and the closeness to rapidly growing markets in Europe and the US.\n<\/p>\n<p>\n\u201cThe ENOVA grant supports our decision to develop FREYR\u2019s and Norway\u2019s first lithium-ion battery cell manufacturing facility. The grant provides enabling financial support for our pilot plant and serves as a strong recognition of FREYR\u2019s ambition to produce battery cells with high energy density at low cost with the world\u2019s lowest carbon footprint,\u201d says Tom Einar Jensen, the CEO of FREYR.\n<\/p>\n<p>\nOn 29 January 2021, FREYR announced that it will become a publicly listed company through a business combination with Alussa Energy Acquisition Corp., raising approximately USD 850 million in equity proceeds to accelerate the development of clean battery cell manufacturing capacity in Norway. Subject to closing conditions being met, the combined company will be named \u201cFREYR Battery\u201d (&#8220;Pubco&#8221;) and its common stock is expected to start trading on the New York Stock Exchange under the ticker symbol FREY upon closing, expected in the second quarter of 2021. On 16 February 2021, the extraordinary general meeting of FREYR approved the business combination.\n<\/p>\n<p><strong>About FREYR AS<\/strong><\/p>\n<p>\nFREYR plans to develop up to 43 GWh of battery cell production capacity by 2025 to position the company as one of Europe\u2019s largest battery cell suppliers. The facilities will be located in the Mo i Rana industrial complex in Northern Norway, leveraging Norway\u2019s highly skilled workforce and abundant, low-cost renewable energy sources from hydro and wind in a crisp, clear and energized environment. FREYR will supply safe, high energy density and cost competitive clean battery cells to the rapidly growing global markets for electric vehicles, energy storage, and marine applications. FREYR is committed to supporting cluster-based R&amp;D initiatives and the development of an international ecosystem of scientific, commercial, and financial stakeholders to support the expansion of the battery value chain in our region. For more information, please visit <a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=http%3A%2F%2Fwww.freyrbattery.com&amp;esheet=52389714&amp;newsitemid=20210302006225&amp;lan=en-US&amp;anchor=www.freyrbattery.com&amp;index=1&amp;md5=c4618f08d81c893eb646862db93788b0\">www.freyrbattery.com<\/a>.\n<\/p>\n<p><b>About Enova<\/b><\/p>\n<p>\nEnova SF is owned by the Ministry of Climate and Environment and contributes to reduced greenhouse gas emissions, development of energy and climate technology and a strengthened security of supply. For more information, visit: <a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=https%3A%2F%2Fwww.enova.no&amp;esheet=52389714&amp;newsitemid=20210302006225&amp;lan=en-US&amp;anchor=https%3A%2F%2Fwww.enova.no&amp;index=2&amp;md5=de8a02eda4049d3ce1746ce516eaaf23\">https:\/\/www.enova.no<\/a>.\n<\/p>\n<p><b>About Alussa Energy Acquisition Corp<\/b>.\n<\/p>\n<p>\nAlussa Energy is a blank check company formed for the purpose of effecting a merger, share exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses. While Alussa Energy may pursue an acquisition opportunity in any industry or sector, Alussa Energy intends to focus on businesses across the entire global energy supply chain. For more information, please visit: <a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=https%3A%2F%2Fwww.alussaenergy.com&amp;esheet=52389714&amp;newsitemid=20210302006225&amp;lan=en-US&amp;anchor=https%3A%2F%2Fwww.alussaenergy.com&amp;index=3&amp;md5=882a71d504dd7915fe100dc122a08d9a\">https:\/\/www.alussaenergy.com<\/a>.\n<\/p>\n<p><b>Forward-looking statements<\/b><\/p>\n<p>\nThe information in this press release includes forward-looking statements and information based on management\u2019s expectations as of the date of this press release. All statements other than statements of historical facts, including statements regarding FREYR\u2019s business strategy, anticipated business combination with Alussa Energy (the \u201cTransaction\u201d) and the terms of such combination, anticipated benefits of FREYR\u2019s technologies and projected production capacity are forward-looking statements. The words \u201cmay,\u201d will,\u201d \u201cexpect,\u201d \u201cplan,\u201d \u201ctarget,\u201d or similar terminology are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. FREYR may not actually achieve the plans or expectations disclosed in these forward-looking statements, and you should not place undue reliance on these forward-looking statements. Factors that may cause actual results to differ materially from current expectations, include FREYR\u2019s ability to execute on its business strategy and develop and increase production capacity in a cost-effective manner; changes adversely affecting the battery industry; the further development and success of competing technologies; the failure of 24M technology or FREYR\u2019s batteries to perform as expected; and our ability to complete the business combination with Alussa Energy on the terms that we currently expect or at all.\n<\/p>\n<p><b>No Offer or Solicitation<\/b><\/p>\n<p>\nThis press release is for informational purposes only and shall not constitute an offer to sell or the solicitation of an offer to buy any securities pursuant to the Transaction or otherwise, nor shall there be any sale of securities in any jurisdiction in which the offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such jurisdiction. No offer of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended.\n<\/p>\n<p><b>No Assurances<\/b><\/p>\n<p>\nThere can be no assurance that the Transaction will be completed, nor can there be any assurance, if the Transaction is completed, that the potential benefits of combining the companies will be realized.\n<\/p>\n<p><b>Important Information about the Transaction and Where to Find It<\/b><\/p>\n<p>\nIn connection with the Transaction, Alussa Energy and Pubco will file relevant materials with the SEC, including a Form S-4 registration statement to be filed by Pubco (the \u201cS-4\u201d), which will include a prospectus with respect to Pubco\u2019s securities to be issued in connection with the proposed business combination and a proxy statement (the \u201cProxy Statement\u201d) with respect to Alussa Energy\u2019s shareholder meeting at which Alussa Energy\u2019s shareholders will be asked to vote on the proposed Business Combination and related matters. ALUSSA ENERGY SHAREHOLDERS AND OTHER INTERESTED PERSONS ARE ADVISED TO READ, WHEN AVAILABLE, THE S-4 AND THE AMENDMENTS THERETO AND OTHER INFORMATION FILED WITH THE SEC IN CONNECTION WITH THE TRANSACTION, AS THESE MATERIALS WILL CONTAIN IMPORTANT INFORMATION ABOUT ALUSSA ENERGY, PUBCO, FREYR AND THE TRANSACTION. When available, the Proxy Statement contained in the S-4 and other relevant materials for the Transaction will be mailed to shareholders of Alussa Energy as of a record date to be established for voting on the proposed business combination and related matters. The preliminary S-4 and Proxy Statement, the final S-4 and definitive Proxy Statement and other relevant materials in connection with the Transaction (when they become available), and any other documents filed by Alussa Energy with the SEC, may be obtained free of charge at the SEC\u2019s website (<a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=http%3A%2F%2Fwww.sec.gov&amp;esheet=52389714&amp;newsitemid=20210302006225&amp;lan=en-US&amp;anchor=www.sec.gov&amp;index=4&amp;md5=d53b3a275dc4488047f3263f701b1374\">www.sec.gov<\/a>) or by writing to Alussa Energy Acquisition Corp. at c\/o PO Box 500, 71 Fort Street, Grand Cayman KY1-1106, Cayman Islands.\n<\/p>\n<p><img decoding=\"async\" alt=\"\" src=\"https:\/\/cts.businesswire.com\/ct\/CT?id=bwnews&amp;sty=20210302006225r1&amp;sid=flmnd&amp;distro=nx&amp;lang=en\" style=\"width:0;height:0\" \/><span class=\"bwct31415\" \/><\/p>\n<p id=\"mmgallerylink\"><span id=\"mmgallerylink-phrase\">View source version on businesswire.com: <\/span><span id=\"mmgallerylink-link\"><a href=\"https:\/\/www.businesswire.com\/news\/home\/20210302006225\/en\/\" rel=\"nofollow\">https:\/\/www.businesswire.com\/news\/home\/20210302006225\/en\/<\/a><\/span><\/p>\n<p><b>FREYR<br \/>\n<\/b><br \/>Steffen F\u00f8reid, CFO, +47 9755 7406, <a rel=\"nofollow\" href=\"mailto:steffen.foreid@freyrbattery.com\">steffen.foreid@freyrbattery.com<br \/>\n<\/a><br \/>Harald Bj\u00f8rland, Investor Relations, +47 908 58 221, <a rel=\"nofollow\" href=\"mailto:hb@crux.no\">hb@crux.no<br \/>\n<\/a><br \/>Hilde R\u00f8nningsen, Director of Communications,+47 453 97 184, <a rel=\"nofollow\" href=\"mailto:hilde.ronningsen@freyrbattery.com\">hilde.ronningsen@freyrbattery.com<\/a><\/p>\n<p><b>ENOVA<br \/>\n<\/b><br \/>Arve Solheim, Markets, Enova SF, +47-982 83 966, <a rel=\"nofollow\" href=\"mailto:arve.solheim@enova.no\">arve.solheim@enova.no<\/a><strong \/><\/p>\n<p><b>Alussa Energy<br \/>\n<\/b><br \/>Chi Chow, Alussa Energy, Strategy &amp; Investor Relations, +1 929-303-6514, <a rel=\"nofollow\" href=\"mailto:cchow@alussaenergy.com\">cchow@alussaenergy.com<\/a><\/p>\n<p><b>KEYWORDS:<\/b> Norway Europe United States North America New York<\/p>\n<p><b>INDUSTRY KEYWORDS:<\/b> Technology Defense Other Energy Environment Utilities Research Oil\/Gas Contracts Alternative Energy Energy Automotive Transportation Travel Trucking Rail Maritime Science Transport Other Technology General Automotive Automotive Manufacturing Hardware Manufacturing Consumer Electronics<\/p>\n<p><b>MEDIA:<\/b><\/p>\n<table cellpadding=\"3\" cellspacing=\"3\" \/>\n","protected":false},"excerpt":{"rendered":"<p>FREYR Receives Government Low-Emission Grant from ENOVA to Support Development of Initial Clean Battery Cell Production Facility NEW YORK&#8211;(BUSINESS WIRE)&#8211; FREYR AS has received a NOK 142 million-grant (USD 16.4 million) from the Norwegian Ministry of Climate and Environment through ENOVA SF as part financing for the development and construction of a pilot plant in Mo i Rana, Norway, which will be FREYR\u2019s initial clean battery cell production facility. ENOVA is an enterprise owned by the Ministry of Climate and Environment. The enterprise is contributing to reduced non-quota greenhouse gas emissions by 2030 and technology development and innovation that contributes to emission reductions up to 2050. \u201cIt is exciting to see Norwegian businesses lead the way in the global battery &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/www.marketnewsdesk.com\/index.php\/freyr-receives-government-low-emission-grant-from-enova-to-support-development-of-initial-clean-battery-cell-production-facility\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;FREYR Receives Government Low-Emission Grant from ENOVA to Support Development of Initial Clean Battery Cell Production Facility&#8221;<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-449134","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.5 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>FREYR Receives Government Low-Emission Grant from ENOVA to Support Development of Initial Clean Battery Cell Production Facility - Market Newsdesk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.marketnewsdesk.com\/index.php\/freyr-receives-government-low-emission-grant-from-enova-to-support-development-of-initial-clean-battery-cell-production-facility\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"FREYR Receives Government Low-Emission Grant from ENOVA to Support Development of Initial Clean Battery Cell Production Facility - Market Newsdesk\" \/>\n<meta property=\"og:description\" content=\"FREYR Receives Government Low-Emission Grant from ENOVA to Support Development of Initial Clean Battery Cell Production Facility NEW YORK&#8211;(BUSINESS WIRE)&#8211; FREYR AS has received a NOK 142 million-grant (USD 16.4 million) from the Norwegian Ministry of Climate and Environment through ENOVA SF as part financing for the development and construction of a pilot plant in Mo i Rana, Norway, which will be FREYR\u2019s initial clean battery cell production facility. ENOVA is an enterprise owned by the Ministry of Climate and Environment. The enterprise is contributing to reduced non-quota greenhouse gas emissions by 2030 and technology development and innovation that contributes to emission reductions up to 2050. \u201cIt is exciting to see Norwegian businesses lead the way in the global battery &hellip; Continue reading &quot;FREYR Receives Government Low-Emission Grant from ENOVA to Support Development of Initial Clean Battery Cell Production Facility&quot;\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.marketnewsdesk.com\/index.php\/freyr-receives-government-low-emission-grant-from-enova-to-support-development-of-initial-clean-battery-cell-production-facility\/\" \/>\n<meta property=\"og:site_name\" content=\"Market Newsdesk\" \/>\n<meta property=\"article:published_time\" content=\"2021-03-03T07:05:29+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/cts.businesswire.com\/ct\/CT?id=bwnews&amp;sty=20210302006225r1&amp;sid=flmnd&amp;distro=nx&amp;lang=en\" \/>\n<meta name=\"author\" content=\"Newsdesk\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Newsdesk\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"7 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/freyr-receives-government-low-emission-grant-from-enova-to-support-development-of-initial-clean-battery-cell-production-facility\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/freyr-receives-government-low-emission-grant-from-enova-to-support-development-of-initial-clean-battery-cell-production-facility\\\/\"},\"author\":{\"name\":\"Newsdesk\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/#\\\/schema\\\/person\\\/482f27a394d4fda80ecb5499e519d979\"},\"headline\":\"FREYR Receives Government Low-Emission Grant from ENOVA to Support Development of Initial Clean Battery Cell Production Facility\",\"datePublished\":\"2021-03-03T07:05:29+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/freyr-receives-government-low-emission-grant-from-enova-to-support-development-of-initial-clean-battery-cell-production-facility\\\/\"},\"wordCount\":1394,\"image\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/freyr-receives-government-low-emission-grant-from-enova-to-support-development-of-initial-clean-battery-cell-production-facility\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/cts.businesswire.com\\\/ct\\\/CT?id=bwnews&amp;sty=20210302006225r1&amp;sid=flmnd&amp;distro=nx&amp;lang=en\",\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/freyr-receives-government-low-emission-grant-from-enova-to-support-development-of-initial-clean-battery-cell-production-facility\\\/\",\"url\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/freyr-receives-government-low-emission-grant-from-enova-to-support-development-of-initial-clean-battery-cell-production-facility\\\/\",\"name\":\"FREYR Receives Government Low-Emission Grant from ENOVA to Support Development of Initial Clean Battery Cell Production Facility - 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ENOVA is an enterprise owned by the Ministry of Climate and Environment. The enterprise is contributing to reduced non-quota greenhouse gas emissions by 2030 and technology development and innovation that contributes to emission reductions up to 2050. \u201cIt is exciting to see Norwegian businesses lead the way in the global battery &hellip; Continue reading \"FREYR Receives Government Low-Emission Grant from ENOVA to Support Development of Initial Clean Battery Cell Production Facility\"","og_url":"https:\/\/www.marketnewsdesk.com\/index.php\/freyr-receives-government-low-emission-grant-from-enova-to-support-development-of-initial-clean-battery-cell-production-facility\/","og_site_name":"Market Newsdesk","article_published_time":"2021-03-03T07:05:29+00:00","og_image":[{"url":"https:\/\/cts.businesswire.com\/ct\/CT?id=bwnews&amp;sty=20210302006225r1&amp;sid=flmnd&amp;distro=nx&amp;lang=en","type":"","width":"","height":""}],"author":"Newsdesk","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Newsdesk","Est. reading time":"7 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.marketnewsdesk.com\/index.php\/freyr-receives-government-low-emission-grant-from-enova-to-support-development-of-initial-clean-battery-cell-production-facility\/#article","isPartOf":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/freyr-receives-government-low-emission-grant-from-enova-to-support-development-of-initial-clean-battery-cell-production-facility\/"},"author":{"name":"Newsdesk","@id":"https:\/\/www.marketnewsdesk.com\/#\/schema\/person\/482f27a394d4fda80ecb5499e519d979"},"headline":"FREYR Receives Government Low-Emission Grant from ENOVA to Support Development of Initial Clean Battery Cell Production Facility","datePublished":"2021-03-03T07:05:29+00:00","mainEntityOfPage":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/freyr-receives-government-low-emission-grant-from-enova-to-support-development-of-initial-clean-battery-cell-production-facility\/"},"wordCount":1394,"image":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/freyr-receives-government-low-emission-grant-from-enova-to-support-development-of-initial-clean-battery-cell-production-facility\/#primaryimage"},"thumbnailUrl":"https:\/\/cts.businesswire.com\/ct\/CT?id=bwnews&amp;sty=20210302006225r1&amp;sid=flmnd&amp;distro=nx&amp;lang=en","inLanguage":"en-US"},{"@type":"WebPage","@id":"https:\/\/www.marketnewsdesk.com\/index.php\/freyr-receives-government-low-emission-grant-from-enova-to-support-development-of-initial-clean-battery-cell-production-facility\/","url":"https:\/\/www.marketnewsdesk.com\/index.php\/freyr-receives-government-low-emission-grant-from-enova-to-support-development-of-initial-clean-battery-cell-production-facility\/","name":"FREYR Receives Government Low-Emission Grant from ENOVA to Support Development of Initial Clean Battery Cell Production Facility - 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