Heard on the Street: Freyr Battery will use funds raised in a merger with a U.S. special-purpose acquisition company last month to build low-cost, low-carbon “gigafactories”
The Norwegian startup was founded in 2018 and taken public last month by a U.S. special-purpose acquisition company. The deal raised $890 million to fund the construction of “gigafactories” in Mo i Rana, a town in Norway that grew up alongside the iron and steel industry due to a local abundance of hydroelectric power.
That cheap and green source of electricity is now at the heart of Freyr’s business plan to become one of the largest suppliers of lithium-ion batteries in Europe. In 2025, it thinks it will have a cost advantage over every other producer globally as a result of its access to cheap power, its targeted scale and a new battery technology.
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