FREYR Battery has formed a joint venture with Koch Strategic Platforms (KSP) to develop an initial 50 GWh of battery cell manufacturing capacity in the US based on 24M Technologies’ SemiSolid platform technology. KSP and FREYR have invested $70 million in convertible notes with 24M.
24M’s SemiSolid technology reduces the number of steps required to manufacture battery cells, but still uses conventional lithium-ion raw materials. The production platform enables capital and operating cost savings as well as expanded opportunities to recycle materials. Using the 24M technology platform, the JV will have the flexibility to provide next-generation batteries of various sizes and chemistries at commercial scale.
“Today’s announcement marks a significant milestone for FREYR as we advance our expansion strategy through the US joint venture with KSP,” said Torstein Sjøtveit, FREYR’s Executive Chairman.
“The establishment of the US JV with KSP and the associated investment in 24M are transformational developments for FREYR,” said Tom Jensen, FREYR’s CEO. “These agreements increasingly position FREYR as a leader in modularized production of next-generation battery cells at scale.”