Norway-based FREYR Battery has formed a 50:50 joint venture in the United States with Koch Strategic Platforms (KSP) to develop an initial 50 GWh of Gigafactory-scale battery cell manufacturing capacity in the US based on 24M Technologies (24M) SemiSolid platform technology (earlier post).
The scale and scope of the targeted development would position the JV as one of the largest battery cell manufacturers in the US, using US-born technology and the sustainable innovation of a premier US-based, global industrial partner in KSP. This venture further progresses FREYR’s strategic focus of developing clean, localized battery cell production and supply chains to catalyze emerging energy technology adoption.
In conjunction with the agreement, KSP and FREYR have invested $70 million in convertible promissory notes with 24M, under which KSP and FREYR will initially invest $50 million and $20 million, respectively.
Upon closing of the convertible note financing, the JV entered into a new licensing agreement with 24M that will enable the JV to deploy 24M’s SemiSolid platform technology with conditional limited exclusivity in the US.
The JV will leverage 24M’s SemiSolid technology, which significantly reduces the number of steps required to manufacture battery cells while still using conventional lithium-ion raw materials. The SemiSolid production platform enables capital and operating cost savings as well as expanded opportunities to recycle materials. Using the 24M technology platform, the JV will have the flexibility to provide next-generation batteries of various sizes and chemistries at commercial scale.