FREYR Battery and ITOCHU Partner to Develop Materials Supply Chain
October 27, 2022 at 11:01 am
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FREYR Battery has announced a new service agreement with ITOCHU Corporation (ITOCHU). As part of this agreement, ITOCHU will serve as a direct materials supplier for FREYR's procurement and supply chain operations. ITOCHU possesses a broad global network of trusted materials suppliers, which the company believe will lead to meaningful benefits for FREYR as cooperatively source and price high-quality materials. FREYR and ITOCHU previously entered a Memorandum of Understanding (MoU) in 2020, which outlined a mutual intention to explore potential opportunities within lithium-ion battery production and related operations. As FREYR approaches initial production from the Customer Qualification Plant, the two companies are deepening collaboration to secure the
raw materials required for FREYR's planned battery production at giga scale. ITOCHU and FREYR are both investors in 24M Technologies Inc., FREYR's U.S.-based technology licensing partner. The 24M production platform is designed to enable significant reductions in capital expenditures, factory footprint, energy consumption and raw materials. About FREYR BatteryFREYR Battery aims to provide industrial scale clean battery solutions to reduce global emissions. Listed on the New York Stock Exchange, FREYR's mission is to produce green battery cells to accelerate the decarbonization of energy and transportation systems globally. FREYR has commenced building the first of its planned factories in Mo i Rana, Norway and announced potential development of industrial scale battery cell production in Vaasa, Finland, and the United States. FREYR intends to install 50 GWh of battery cell capacity by 2025 and 100 GWh annual capacity by 2028 and 200 GWh of annual capacity by 2030.
Itochu Corporation is a diversified group organized around 8 areas of activity:
- distribution of food products (34.9% of net sales): frozen food, vegetable oil, sweeteners, sugars, etc.;
- distribution of hydrocarbons (23.3%): hydrocarbons (natural gas, oil products, bioethanol, etc.). The group also develops manufacturing of chemical products activity;
- manufacturing and sale of industrial and construction machines, vehicles and ships (9.7%);
- production of metals and coal (8.5%);
- sale of consumer products (8.4%). The group also develops forest products sale and real estate development activities;
- distribution of computing and telecommunication equipments (7%): data transmission, Internet access, media content broadcasting and mobile telephony equipments. The group also offers financial services;
- sale of textile products (3.6%);
- other (4.6%).
Net sales are distributed geographically as follows: Japan (79.5%), Singapore (5.4%), the United States (4.5%), Australia (3.1%), China (2.8%) and other (4.7%).