FREYR Battery, a developer of sustainable battery and clean energy solutions, confirmed that the European Union Innovation Fund (EUIF) has selected FREYR for a €122 -million grant award to develop the company’s potential joint venture cathode active material (CAM) manufacturing project in Vaasa, Finland.

The project is targeting development of an industrial-scale LFP CAM facility with an initial nameplate capacity of 30,000 tons per year.

The selection for a grant award is an important step towards formal finalization of the award upon satisfaction of various criteria, expected to be completed during the 1st quarter of 2025. Concurrently, FREYR continues the work with its technology licensor, partners, customers, and other stakeholders to further develop the basis for the CAM project.

FREYR’s portfolio of real assets includes its Customer Qualification Plant (CQP) for technology research and development in Mo i Rana, Norway, and the Giga Arctic and Giga America project site assets.