Following the announcement on 9 December 2020, Glencore International AG and FREYR have agreed a letter of intent for the supply of up to 3700 tonnes of high purity cobalt metal cut cathodes produced at Glencore’s Norwegian operations Nikkelverk. This ethically sourced cobalt will be a core component in FREYR’s lithium ion battery cells, which will be produced at planned facilities in Mo i Rana in Norway.
Glencore has also purchased an equity stake in FREYR through its business combination with Alussa Energy Acquisition Corp, a special purpose acquisition company listed on the New York Stock Exchange. The combined company will be named FREYR and its common stock is expected to start trading on the NYSE upon closing, expected in the second quarter of 2021.
FREYR plans to develop 40+ GWh of battery cell production capacity by 2025 to position as one of Europe’s largest cell suppliers. FREYR will supply safe, high energy density and cost competitive clean battery cells to the rapidly growing global markets for electric vehicles, energy storage, marine and aviation applications.