Enova awards 142 million kroner to battery factory project in Mo i Rana

Nils Kristian NakstadPhoto: Morten Holm / NTB
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Battery manufacturer Freyr has been awarded NOK 142 million to establish a pilot plant in Mo i Rana from the state-owned Enova, a Norwegian government enterprise responsible for the promotion of environmentally friendly production and consumption of energy.

Construction of the factory is expected to start in the second quarter of this year. According to the plans, the company will be fully operational in 2025. 

It will also be the world’s battery manufacturer with the lowest carbon footprint in the business.

“It is gratifying to see that Norwegian players are leading the global battery race and choose to build tomorrow’s industry with tomorrow’s technology. 

“It is important for Enova that Norwegian battery production is as climate-friendly as possible, and we are happy to help reduce the risk associated with more climate-friendly technology,” CEO Nils Kristian Nakstad of Enova stated.

Big plans

Norwegian-controlled Freyr raised NOK 7 billion in January to establish a battery factory in Mo i Rana.

Through a merger with the Cayman company Alussa Energy Acquisition Corp, Freyr will be listed on the New York Stock Exchange in the second quarter of this year.

“The Enova allocation supports our decision to develop Freyr’s and Norway’s first factory for the production of lithium-ion battery cells. 

“The funds are the trigger for our pilot plant and a clear recognition of Freyr’s ambition to make battery cells with high energy density, low costs, and the world’s lowest carbon footprint,” Freyr CEO Tom Einar Jensen said.

Source: © NTB Scanpix / #Norway Today / #NorwayTodayFinance

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