FREYR Battery and Nidec Corporation have announced that they have established a downstream joint venture, now called Nidec Energy AS (“Nidec Energy”). The newly established Nidec Energy aims to develop and supply highly competitive, integrated battery energy storage solutions (“BESS”) and products with low environmental impact. Mass production is expected to commence in 2025, with the ambition to manufacture more than 8 GWh per year of battery modules and packs from 2027, and 12 GWh per year by 2030.

Nidec Energy's module production is expected to be integrated into FREYR's Giga Arctic development, with volumes of integrated ESS solutions aligning with the company's targeted ramp up of cell production in 2024. In addition, the joint venture is expected to invest more than $127 million by 2030, and eventually employ more than 300 people, the majority of whom will be based in Mo i Rana, Norway.