FREYR Battery announced the selection and purchase of a site in Coweta County, Georgia for its planned Giga America battery plant. The company selected the Bridgeport Industrial Park site based on key operational, logistical, and financial criteria, including the suitability of the site to co-locate modular upstream and downstream projects with the Giga America cell manufacturing facility. FREYR evaluated 163 potentials sites in 25 states.

The Giga America project will be based on the SemiSolid technology of FREYR’s US-based licensing partner, 24M. The SemiSolid platform enables capital and energy efficient production of lithium-ion batteries at scale.

FREYR is planning to initiate detailed project engineering of Giga America in the coming months. The initial phase of Giga America is planned to be a cell production module of approximately 34 GWh based on the next-generation of 24M’s US-based SemiSolid production platform at an initial projected capital cost of $1.7 billion.

The company is also evaluating value accretive upstream and downstream modules as well as additional cell production lines that are expected to bring total capital investments to more than $2.6 billion through 2029.

Upon completion of all the contemplated construction phases, the Giga America complex is expected to be one of the largest battery cell manufacturing developments globally.

In accordance with FREYR’s ambitions to accelerate development of Giga America in parallel with the ongoing construction of Giga Arctic in Mo i Rana, Norway, the company is intensifying and broadening its financing efforts. The total package of financial incentives for Giga America includes robust assistance collectively provided by The State of Georgia and Coweta County in addition to the expected production tax credits associated with the recently passed Inflation Reduction Act. Additionally, FREYR intends to apply with the US Department of Energy for packages that could include a grant and/or direct loans to assist with the development of Giga America.

The US energy storage market is expected to experience exponential growth over the next several years. According to Rystad Energy, to satisfy a 1.6-degree scenario, cumulative collective storage demand of 4.5 TWh from the US and Europe will be required through 2030. Under the same scenario, Rystad expects annual collective storage demand in the US and Europe to reach 1.4 TWh by 2030, which represents a 34-fold increase from projected corresponding annual 2022 demand.

FREYR is currently evaluating clean power supply solutions for the Giga America project with US Independent Power Producers (“IPPs”). The company’s long-term ambition is to replicate the strategy employed at Giga Arctic to produce next-generation batteries that are among the cleanest anywhere in the world.