By Michael Elkins
FREYR (NYSE:FREY), a battery company from Germany, announced Friday that the company has selected and purchased a site in Coweta County, Georgia for a multi-phase Giga America clean battery manufacturing project. The project is expected to be developed in multiple phases beginning with an initial battery cell production module of approximately 34 GWh at a preliminarily estimated capital investment of $1.7 billion.
The company selected the Bridgeport Industrial Park site through a rigorous evaluation process based on key operational, logistical, and financial criteria, including the suitability of the site to co-locate modular upstream and downstream projects with the Giga America cell manufacturing facility.
The company has chosen to accelerate previous U.S. expansion plans based on strong tailwinds in U.S. renewable energy development as well as an intensifying focus on grid stability initiatives, and the recently announced tax incentives associated with the Inflation Reduction Act.
"Today's landmark announcement underscores FREYR's ambition to develop a very strong and near-term operational footprint in the United States. Expanding into the U.S. has been a foundational aspect of FREYR's long-term strategy from our inception, and with the recent passage of the Inflation Reduction Act, we expect U.S. demand for ESS, passenger EV and other electric mobility applications to grow rapidly over the next decade," commented FREYR's Co-Founder and Chief Executive Officer Tom Einar Jensen.
The Giga America project will be based on the SemiSolid™ technology of FREYR's U.S.-based licensing partner, 24M. The SemiSolid™ platform enables capital and energy-efficient production of lithium-ion batteries at scale.
Shares of FREY are up 0.98% in pre-market trading on Friday.