The Energy Storage Report 2024

Now available to download, covering deployments, technology, policy and finance in the energy storage market

FREYR reports US$35 million loss in Q1; signs 53.5GWh of offtake agreements


Norwegian lithium-ion battery gigafactory group FREYR reported a US$35 million loss in the first quarter of 2022 and has recently announced three conditional offtake agreements (COA) totalling 53.5GWh.

FREYR finished the quarter with cash and equivalents of US$524.6 million. It announced a COA with global battery energy storage system (BESS) integrator Powin Energy yesterday worth 28.5GWh from 2024-2030, as reported on The company has confirmed to this site that it is a separate deal to the 31GWh it announced with an unnamed partner last year.

This article requires Premium SubscriptionBasic (FREE) Subscription

Enjoy 12 months of exclusive analysis

  • Regular insight and analysis of the industry’s biggest developments
  • In-depth interviews with the industry’s leading figures
  • Annual digital subscription to the PV Tech Power journal
  • Discounts on Solar Media’s portfolio of events, in-person and virtual

Or continue reading this article for free

FREYR has also signed COAs with an unnamed ‘leading global storage systems integrator’ for 15GWh of volumes from 2023-2027, and an unnamed ‘major U.S. renewables company’ for 10GWh for BESS applications. Together with Powin, those bring the total offtake agreements announced in the quarter to 53GWh.

FREYR also reached advanced negotiations for another 100GWh of potential offtake from 2024-2030 with two companies, including a major commercial mobility company.

As regards to its gigafactories, it started pre-construction work at one of two planned gigafactories in Mo i Rana, Norway, which are set to open in 2023-24, including ground-work preparation and detailed engineering. Its customer qualification plant (CQP) in the same city is expected to start factory acceptance testing in the second half of year.

The gigafactories that FREYR has announced total around US$4 billion in investment. The company said that its cash burn rate will increase modestly in the second quarter of the year as construction activity ramps-up.

It is “exploring capital formation solutions to finance giga-scale development” with global institutions and government entities in Norway, the EU and the US. This could include a combination of grants, bridge loans and direct lending.

Several management appointments were also made in the period. It appointed Oscar Brown as CFO and Andreas Bentzen as EVP of Technology, both in April.

FREYR, which listed on the New York Stock Exchange (NYSE) through a SPAC merger in July 2021, has seven gigafactories planned to launch by 2030 which will total 100GWh of annual production capacity.

Read Next

May 30, 2024
The European Council has formally adopted the EU’s support package for its clean energy manufacturing industry, the Net-Zero Industry Act (NZIA), amidst mixed fortunes for local battery gigafactory projects.
May 29, 2024
Denmark-headquartered independent power producer (IPP) Ørsted and investment bank JP Morgan have closed a tax equity financing of US$680 million for solar and storage projects in the US.
May 29, 2024
Some of the current market prices for lithium-ion batteries are below cost and will not last forever but Europe still needs to be more cost-competitive, the CEO of one of Europe’s first large-scale manufacturing facilities told
May 23, 2024
The Kern County, California hybrid facility will have the capability to generate up to 2GW of solar power co-located with up to 2GW of battery energy storage system (BESS) capacity, spanning approximately 12,875 acres of privately owned land.
May 22, 2024
We hear from developers, IPPs and upstream battery sources about the US’ decision to massively hike tariffs on batteries and battery components from China.

Most Popular

Email Newsletter