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FREYR Battery (NYSE:FREY) ("FREYR" or the "Company"), a developer of clean, next-generation battery cell production capacity, has provided an update this morning on the Company's operational progress at the Customer Qualification Plant ("CQP") in Mo i Rana, Norway.
FREYR successfully produces unit cells in continuous process at CQP
FREYR's teams, partners, and vendors have reached the Company's most significant technical achievement to date by producing unit cells in a continuous process with the Casting and Unit Cell Assembly machine, the novel component of the SemiSolid™ platform. This milestone was made possible by first synchronizing the anode and cathode casting machines, improving the quality of the electrodes cast, and for the first time, automating the operation of the production line equipment without human intervention.
This achievement positions FREYR to improve material composition, increase production speeds and to produce multi-layer battery sample cells. While this work is ongoing, the CQP team will pursue opportunities with FREYR's partners and vendors to enhance the SemiSolidTM technology's technical and economic competitiveness in the current market environment.
"I am delighted to report that our teams have reached the most important milestone that we initially set out to reach at the CQP, and that we have met the previously communicated timeline to commence unit cell production with the Casting and Unit Cell Assembly in Q2 2024. By demonstrating production of unit cells in a continuous process on the SemiSolidTM platform, our team is now one of the few companies to produce cells with a novel, U.S.-based battery technology, which strengthens our credentials as an industrialization partner," commented Mike Brose, FREYR's Head of the CQP team. "Our progress to date is a reflection of the quality and dedication of our people and partners, and I wish to thank everyone involved for helping us take this important step forward together."
Next steps at the CQP
Following this successful production trial at the CQP, FREYR is focusing on the following priorities at the CQP:
"I am again very proud to see that FREYR, in collaboration with our vendors and partners, has reached yet another but also our most significant production milestone to date," added Tom Einar Jensen, FREYR's Co-founder and Chief Executive Officer. "On behalf of FREYR's Board of Directors and management team, I wish to commend Mike Brose, our teams, and our partners around the globe for orchestrating this important achievement."
"Building a battery company is notoriously hard, especially in the current highly dynamic macro environment. More work remains to augment and accelerate the SemiSolid™ technology platform to commercially viable levels. However, our continued dedication to documenting our abilities to solve complex technical challenges and to produce batteries on a next-generation platform is strengthening our conventional platform approach. I am very pleased to observe that the interest in partnering with FREYR is stronger than ever from technology providers through customers across the value chain" continued Mr. Jensen. "With this milestone behind us, our team will now accelerate work with other stakeholders in the 24M ecosystem. As part of this process, we will pursue commercial concepts supported by our inhouse work on Artificial Intelligence and Machine Learning technologies to improve both product and process. We will shortly be engaging with third-party strategic, industrial and financial capital providers to secure additional development funding for this novel, U.S. based IP battery technology stack at the project level. In an increasingly challenging geopolitical situation, we are pleased that this dual approach is starting to pay off through the natural hedge embedded in our strategy."
Posted In: FREY
