FREYR Battery Receives Invitation from U.S. Department of Energy to Submit Part II Application for Giga America Title 17 Loan
December 18 2023 - 5:02AM
Business Wire
FREYR Battery (NYSE: FREY) (“FREYR” or the “Company”), a
developer of clean, next-generation battery cell production
capacity, announced today that the U.S. Department of Energy
(“DOE”) has invited the Company to submit the Part II loan
application under the DOE Title 17 program for FREYR’s Giga America
project.
“The Part II DOE loan application invitation is an important
next step in FREYR’s journey to fund our Giga America project,”
commented Birger Steen, FREYR’s Chief Executive Officer. “With our
redomiciliation to the U.S. now approved by our shareholders, FREYR
is uniquely positioned to establish the Company as the U.S.-based
industrialization partner of choice for clean battery technology
solutions and to access the benefits of the U.S. Inflation
Reduction Act utilizing the U.S.-based 24M Technologies SemiSolidTM
platform for the manufacture of utility scale energy storage LFP
battery systems.”
As previously indicated, the DOE loan application process is a
key element of FREYR’s capital formation strategy to fund
construction of the Giga America project. FREYR also continues to
engage with potential investors in project-level equity to finance
the equity component of anticipated capital expenditures and
organizational development associated with the project.
FREYR will continue to work on advancing the DOE Title 17
process during 2024 and will provide further updates as
appropriate.
The following is a disclaimer from the DOE regarding the Part II
application process:
The DOE’s invitation to submit a Part II application is not an
assurance that the DOE will invite the applicant into the due
diligence and term sheet negotiation process, that the DOE will
offer a term sheet to the applicant, or that the terms and
conditions of a term sheet will be consistent with terms proposed
by the applicant. The foregoing matters are wholly dependent on the
results of DOE review and evaluation of a Part II Application, and
DOE’s determination whether to proceed.
About FREYR Battery
FREYR Battery is a developer of clean, next-generation battery
cell production capacity. The Company’s mission is to accelerate
the decarbonization of global energy and transportation systems by
producing clean, cost-competitive batteries. FREYR seeks to serve
the primary markets of energy storage systems (“ESS”) and
commercial mobility, and the company maintains an ambition to serve
the passenger electric vehicles market (“EV”). FREYR’s Customer
Qualification Plant (“CQP”) for technology development is in
service in Mo I Rana, Norway, and the Company is commencing
development of the Giga America battery manufacturing project in
Coweta County, Georgia, in the U.S. To learn more about FREYR,
please visit www.freyrbattery.com.
Cautionary Statement Concerning Forward-Looking
Statements
All statements, other than statements of present or historical
fact included in this press release, including the expected
completion date for the redomicile and the potential strategic
opportunities and benefits of the redomicile are forward looking
statements.
These forward-looking statements involve significant risks and
uncertainties that could cause the actual results to differ
materially from the expected results. Most of these factors are
outside FREYR’s control and are difficult to predict. Additional
information about factors that could materially affect FREYR is set
forth under the “Risk Factors” section in (i) FREYR’s Registration
Statement on Form S-3 filed with the Securities and Exchange
Commission (the “SEC”) on September 1, 2022, (ii) FREYR Battery,
Inc.’s Registration Statement on Form S-4 filed with the SEC on
September 8, 2023 and subsequent amendments thereto filed on
October 13, 2023, October 19, 2023, and October 31, 2023, (iii)
FREYR’s Annual Report on Form 10-K filed with the SEC on February
27, 2023, and (iv) FREYR’s Quarterly Reports on Form 10-Q filed
with the SEC on May 15, 2023, August 10, 2023 and November 9, 2023
and available on the SEC’s website at www.sec.gov. Except as
otherwise required by applicable law, FREYR disclaims any duty to
update any forward-looking statements, all of which are expressly
qualified by the statements in this section, to reflect events or
circumstances after the date of this presentation. Should
underlying assumptions prove incorrect, actual results and
projections could differ materially from those expressed in any
forward-looking statements.
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version on businesswire.com: https://www.businesswire.com/news/home/20231218396526/en/
Investor contact: Jeffrey Spittel Head of Investor
Relations jeffrey.spittel@freyrbattery.comTel: (+1) 409
599-5706 Media contact: Amy Jaick Global Head of
Communications amy.jaick@freyrbattery.com Tel: (+1) 973
713-5585
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