This week the EU introduced {that a} whole of €3.6 billion is being awarded to 41 so-called large-scale tasks via the fund’s newest spherical. That features €800 million for clear power tech manufacturing tasks, of which FREYR Battery’s Giga Arctic facility in Norway is one.
“With investments in progressive options like these, we ship on Europe’s inexperienced transition objectives, help our business, and produce power safety, security and prosperity to future generations,” Frans Timmermans, govt VP for the EU’s European Inexperienced Deal, stated of the “unprecedented funding”.
The cash is coming from emissions buying and selling revenues throughout the EU, and Timmermans stated that with the worth being placed on carbon emissions, “Europe is getting the extra monetary firepower that permits these transformative investments”.
FREYR has claimed its deliberate community of factories will produce a number of the cleanest and most sustainable lithium-ion batteries in the marketplace, focusing on annual manufacturing capability of 50GWh by 2024 and 200GWh by 2030. The battery cells will probably be based mostly on the semi-solid electrode know-how platform developed by US startup 24M. FREYR can also be focusing on constructing a sizeable manufacturing unit in Georgia, US.
In keeping with an interview with CEO Tom Jensen for this website final yr, as a lot as half of FREYR’s cells may very well be bought into the stationary power storage system (ESS) phase, with offtakers to incorporate Nidec ASI, with which the Norwegian firm has shaped a three way partnership (JV).
The NYSE-listed firm raised over 1 / 4 of a billion {dollars} final yr in a public providing, and seems to have been profitable in elevating funding for its plans, though the Scandinavian battery startup with essentially the most prolific monitor document of elevating funding is probably going nonetheless Northvolt.
Northvolt was additionally amongst recipients of grants from the EU Innovation Fund’s whole €38 billion pot, with its ESS manufacturing unit in Gdansk, Poland, chosen final summer time together with 16 different winners.
Different winners within the newest spherical embrace BASF’s recycling facility which the German chemical substances firm is co-locating with a cathode manufacturing plant. Groundbreaking was held on the cathode plant just lately, with dignitaries in attendance together with European Fee VP Maroš Šefčovič, who coordinates the EU Battery Alliance manufacturing and worth chain initiative.
Power-Storage.information heard on the tail finish of 2022 that though Europe had held a robust head begin on the US by way of getting home battery manufacturing crops on-line, the impression of the Inflation Discount Act (IRA) within the US had been a key driver in seeing that pattern reverse considerably.