Honeywell and FREYR Battery signed an agreement pursuant to which FREYR will, subject to viability, leverage Honeywell’s leading technology offerings, including integrated automation, field instrumentation and security integration solutions in FREYR’s manufacturing process. As part of the collaboration, Honeywell will purchase 19 GWh of battery cells produced by FREYR from 2023 through 2030 for a multitude of energy storage systems applications.
Through the agreement, Honeywell and FREYR intend to provide smart energy storage solutions to address the needs of a wide range of commercial and industrial customers alike.
Subject to viability, FREYR will leverage Honeywell’s broad automation and software expertise including automation systems, quality assurance and controls, and industrial software to provide manufacturing capacity at scale in Europe and the US.
The battery cells produced through this project can be utilized by “behind-the-meter” or industrial locations, as well as “front-of-the-meter” locations such as large solar and wind renewable power generation sites.
Battery storage will play a crucial role as organizations transition to clean power generation. Honeywell is an ideal partner with world-class teams, technology and industrial expertise and our shared commitment to decarbonizing the global energy systems sector will serve as the foundation for our continued work together. Today’s announcement is also an important milestone as we advance to a potential H1 2022 Final Investment Decision (FID) on our first Gigafactory in Mo i Rana, Norway.—Tom Einar Jensen, FREYR’s Chief Executive Officer
Battery Energy Storage Systems (BESS) technology development is critical to the continued decarbonization of global power systems. According to a recently published research report by Stanford University, the US power grid could reach 100% renewable power penetration by 2050. This new electricity mix would rely largely on solar, wind and hydro development as well as energy storage technology. According to the study, BESS would spearhead this trend and could reach total installed capacity of 15,700 GWh by 2050.
FREYR intends to deliver up to 43 GWh of battery cell capacity by 2025 and up to 83 GWh annual capacity by 2028.