FREYR Battery has abandoned its plans to build a gigafactory in Coweta County in the US State of Georgia. Originally, the Norwegian company had intended to invest up to 2.6 billion US dollars. FREYR cited rising interest rates, falling market prices for batteries, changes in management, and changing strategic goals as reasons for the withdrawal. Instead, the company is now focusing on a solar panel factory in Texas.
Multi-phased development never came to fruition
In November 2022, FREYR had announced the construction of Giga America in Coweta County. A multi-phased development was planned, starting with a battery cell production module with a capacity of approximately 34 gigawatt-hours and an estimated investment of 1.7 billion dollars. By 2029, the investment was expected to increase to more than 2.6 billion dollars, expanding annual capacity and creating more than 720 jobs. The production of lithium-ion battery cells was to be used for both vehicles and energy storage systems. However, construction never began.
