The US Navy & Department of Defense recently announced storage investments totalling $100m as utilities begin relying on the military to bail them out in times of crisis
FREYR awarded €100m for battery manufacturing
Battery cell manufacturer FREYR Battery has been awarded a €100 million grant from the European Union to support development of FREYR’s Giga Arctic project in Norway.
Giga Arctic, which has been under construction since last year, is designed to be a 29GWh nameplate capacity facility based on the 24M Technologies ‘SemiSolid’ manufacturing platform and powered with 100 per cent renewable hydroelectricity.
The grant will be funded through the EU’s Innovation Fund as part of the EU’s efforts to promote localised production of battery systems.
The annual production at the planned Giga Arctic facility in Norway could enable FREYR’s customers to mitigate 80 million tons of CO2 emissions over the batteries’ lifetime when used for renewable energy storage systems, a FREYR statement said. The projected emissions mitigation corresponds to almost twice the total amount of CO2 emitted in Norway annually, it added.
Tom Einar Jensen, FREYR’s co-founder and CEO, said: “This grant is a recognition that batteries represent the key catalyst of the energy transition supporting regional energy security through faster deployment of renewable energy. Moreover, this significant financial commitment provides timely support to continued development of the Giga Arctic project, which is intended to bring clean battery products to our customers and partners across Europe.”