FREYR Battery and Nidec Corporation Completes Formation of JV
FREYR Battery and Nidec Corporation have announced that they have established a downstream joint venture, now called Nidec Energy AS.
December 07, 2022. By News Bureau
The newly established Nidec Energy aims to develop and supply highly competitive, integrated battery energy storage solutions (BESS) and products with low environmental impact.
Mass production is expected to commence in 2025, with the ambition to manufacture more than 8 GWh per year of battery modules and packs from 2027, and 12 GWh per year by 2030.
“The official incorporation of the joint venture with Nidec is a significant milestone in our journey to bring speed, scale, and sustainability to battery storage solutions globally,” remarked Tom Einar Jensen, FREYR’s Co-Founder and Chief Executive Officer. “This partnership will enable us to accelerate the development of our highly competitive, low carbon modules and battery pack solutions for industrial and utility grade applications,” Jensen added.
“We are thrilled by the progress we have made with FREYR. This joint venture will support the development of our fast-growing ESS business and aligns with our firm commitment to develop technologies that contribute to reducing global carbon emissions,” said Laurent Demortier, President of Nidec’s Energy & Infrastructure Division. “For us, FREYR is a natural partner with clean energy and sustainability ambitions. They also bring expertise and resources related to battery cell design and manufacturing, which includes the market-leading 24M SemiSolidTM lithium-ion battery cell technology.”
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