Norwegian battery maker ‘accelerates’ US growth as a consequence of inflation management regulation

Norwegian battery cell producer, FREYR, has reached out to us in latest days to share Q2 information. However what caught my eye specifically was what a crafty PR rep put into the e-mail in an effort to get our consideration. She famous that the Inflation Discount Act of 2022 (IRA) “may very well be a boon for corporations like FREYR Battery (Ticker: FREY), which have already signed offers with three main US-based corporations, together with Koch Industries, Honeywell and Powin.” Moreover, the corporate stated it “accelerating Its growth plans in the USA primarily based on bettering market situations and The monetary incentives accompanying the proposed inflation discount regulation(emphasis added).

That is proper – the invoice hasn’t been launched to Congress but, hasn’t been signed into regulation by Joe Biden but, and it is nonetheless within the “sizzling information” class, but corporations beforehand Reply and speed up enterprise growth plans! That is robust proof of the worth of such laws. Think about how a lot it is going to change enterprise plans and form the business within the coming years. Think about how far more battery manufacturing, clear vitality manufacturing and set up, and vitality effectivity associated jobs can be created within the coming many years from this laws.

A FREYR consultant famous that the corporate plans to arrange a large battery manufacturing unit in the USA in the mean time and that the Norwegian firm has narrowed choices to 5 cities. It additionally lately opened an workplace in Boston, Massachusetts.

FREYR has a 29 GWh (Giga Arctic) plant beneath growth in Mo i Rana, Norway. (kudos to FREYR for the naming enjoyable. There isn’t any motive to make the battery manufacturing unit boring!)

The corporate is working with Koch platforms strategically for “Giga America,” which expects to provide 35 gigawatt-hours of battery cells. The gigafactory will use “third technology expertise from 24M Applied sciences.”

“Our second quarter marked the conclusion of key milestones, the demonstration of significant monetary assist from the Norwegian authorities and different key OECD authorities entities, the completion of recent strategic relationships throughout the battery worth chain, and acceleration of commerce momentum,” Tom stated. Einar Jensen, CEO of FREYR. “As government-backed vitality safety and decarbonization mandates acquire traction in key finish markets throughout Europe and the USA, we’re taking a number of strategic initiatives to advance our aspirations of changing into the business companion of selection within the clear battery area.”

“Trying into the second half of 2022 and past, our workforce is concentrated on executing the development of the client qualification plant and Giga Arctic initiatives in Mo i Rana, formalizing commitments with our monetary, authorities and strategic companions to speed up our progress, and enhance our presence throughout the battery worth chain,” Jensen concluded.

How briskly will FREYR construct in Giga America and the way shortly will it construct a second gigafactory battery manufacturing unit in the USA? How briskly is the IRA for these plans? What corporations does FREYR work with, provide, or look to work with or provide within the US and Norway markets, batteries and electrical automobiles? How does FREYR see the US battery mining and mineral processing industries altering because of the IRA? These are questions we are going to observe up with FREYR. Do you will have another add-ons?

Featured picture offered by FREYR.


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