FREYR Battery has announced the selection and purchase of a site in Coweta County, Georgia for its planned Giga America battery plant.
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The company selected the Bridgeport Industrial Park site through a rigorous evaluation process 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 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 U.S.-based SemiSolidTM 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.
“Today’s landmark announcement underscores FREYR’s ambition to develop a very strong and near-term operational footprint in the United States. Expanding into the U.S. has been a foundational aspect of FREYR’s long-term strategy from our inception, and with the recent passage of the Inflation Reduction Act, we expect U.S. demand for ESS, passenger EV and other electric mobility applications to grow rapidly over the next decade,” commented FREYR’s Co-Founder and Chief Executive Officer Tom Einar Jensen.
The U.S. energy storage market, which is already the largest in the world, 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 U.S. and Europe will be required through 2030.
Under the same scenario, Rystad expects annual collective storage demand in the U.S. and Europe to reach 1.4 TWh by 2030, which represents a 34-fold increase from projected corresponding annual 2022 demand.
The Giga America project will be based on the SemiSolidTM technology of FREYR’s U.S.-based licensing partner, 24M. The SemiSolidTM platform enables capital and energy efficient production of lithium-ion batteries at scale.
FREYR is currently evaluating clean power supply solutions for the Giga America project with U.S. 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. ■