US-based FREYR Battery has been awarded a 122-million-euro grant from the European Unionʼs Innovation Fund. The grant is intended to help develop a potential joint venture to produce cathode active materials in Vaasa, Finland.
Initial capacity of 30,000 tons per year
The potential project will focus on the production of LFP cathode materials on an industrial scale with an initial capacity of 30,000 tons per year. Final funding approval is expected for the first quarter of 2025. According to FREYR, the companyʼs focus is on the United States. Nevertheless, FREYR is evaluating further options to utilise existing assets in Norway and other parts of Europe.
