FREYR Battery and ITOCHU Partner to Develop Materials Supply Chain | New

NEW YORK, OSLO, Norway and LUXEMBOURG–(BUSINESS WIRE)–October 27, 2022–

FREYR Battery (NYSE: FREY) (“FREYR”), a developer of next-generation clean battery cell production capabilities, announced a new service agreement with ITOCHU Corporation (“ITOCHU”), global trading and import/export company. Under this agreement, ITOCHU will serve as a direct material supplier for FREYR’s procurement and supply chain operations.

“We are delighted to partner with ITOCHU, and we intend to leverage their shipping, planning and production expertise as we establish, nurture, decarbonise and localize our supply chain in full growth. ITOCHU has an extensive global network of trusted material suppliers, which we believe will bring significant benefits to FREYR as we cooperatively source and evaluate high quality materials,” said Dr. Tilo Hauke, EVP Supply Chain Management , FREYR.

“As the world moves towards decarbonization, we see FREYR as an integral part of building a clean and sustainable lithium battery industry. Supply chain will be a critical part of their journey to greater speed and scale in the market, and we look forward to helping them source raw materials to meet their growing needs,” said Yasuhiro Abe, COO of Power & Environmental Solution Division, ITOCHU.

FREYR and ITOCHU previously entered into a memorandum of understanding in 2020, which outlined a mutual intention to explore potential opportunities in lithium-ion battery production and related operations. As FREYR approaches initial production at the customer qualification plant, the two companies are deepening their collaboration to secure the raw materials needed for FREYR’s planned giga-scale battery production.

Both ITOCHU and FREYR are investors in 24M Technologies, Inc., FREYR’s US-based technology licensing partner. The 24M production platform is designed to enable significant reductions in capital expenditure, plant footprint, energy consumption and raw materials.

About FREYR battery

FREYR Battery aims to provide industrial-scale clean battery solutions to reduce global emissions. Listed on the New York Stock Exchange, FREYR’s mission is to produce green battery cells to accelerate the decarbonization of energy and transport systems on a global scale. FREYR has begun construction of the first of its planned plants in Mo i Rana, Norway, and announced the potential development of industrial-scale battery cell production in Vaasa, Finland, and the United States. FREYR intends to install 50 GWh of battery cell capacity by 2025 and 100 GWh of annual capacity by 2028 and 200 GWh of annual capacity by 2030. To learn more about FREYR, please visit

About ITOCHU Corporation

The history of ITOCHU Corporation dates back to 1858 when the company’s founder, Chubei Itoh, started linen trading operations. Since then, ITOCHU has evolved and grown for 150 years. With around 100 bases in 62 countries, ITOCHU, one of the leading sogo shosha, engages in domestic trade, import/export and overseas trade of various products such as textiles, machinery, metals, minerals, energy, chemicals, food, general trade. commodities, real estate, information and communications technology, and finance, as well as business investment in Japan and overseas. For more information, visit:

Caution Regarding Forward-Looking Statements

All statements, other than statements of current or historical fact included in this press release, including, without limitation, statements regarding ITOCHU’s ability to serve as a direct supplier of materials for procurement operations and FREYR’s supply chain; FREYR’s ability to derive significant benefits from ITOCHU’s extensive global network of trusted material suppliers through cooperative sourcing and pricing of high-quality materials; the essential role of FREYR in the establishment of a clean and sustainable lithium battery industry; the role of the supply chain in achieving greater speed and scale in the lithium battery market; FREYR’s ability to carry out initial production at its customer qualification plant in Mo i Rana, Norway; and the ability of the 24M production platform to enable significant reductions in capital expenditure, plant footprint, energy consumption and raw materials are forward-looking and involve risk and significant uncertainties that could cause actual results to differ materially from expected results.

Most of these factors are beyond FREYR’s control and are difficult to predict. Information on factors that could materially affect FREYR is set out in the “Risk Factors” section of (i) FREYR’s registration statement on Form S-3 filed with the Securities and Exchange Commission (the “SEC” ) on September 1, 2022, and (ii) FREYR’s Annual Report on Form 10-K filed with the SEC on March 9, 2022, available on the SEC’s website at

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PUBLISHED: 10/27/2022 06:01 AM/DISC: 10/27/2022 06:02 AM

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