Eguana, Freyr to develop ESS battery mod
Mr. Justin Holland reports
FREYR AND EGUANA SIGN MOU FOR JOINT DEVELOPMENT OF BATTERY MODULES AND SUPPLY OF FREYR BATTERY CELLS FOR RAPIDLY GROWING ESS MARKETS
Freyr AS and Eguana Technologies Inc. have signed a memorandum of understanding for (non-exclusive) development of battery modules with superior cost and performance for energy storage systems (ESS), including the supply of clean, low-cost battery cells made with at Freyr's production facilities under development in Mo i Rana, Norway.
Eguana, based in Calgary, Canada, designs and manufactures grid interactive ESS solutions based on proprietary power control technology for residential, commercial and industrial use. Under the memorandum of understanding, Freyr intends to engage Eguana in designing and producing cost-optimized, standardized battery modules utilizing Freyr's clean, low-cost battery cells based on 24M's innovative cell design and production process. Freyr will also hold licensing rights to produce the Eguana-developed modules for other customers. The new modules will be designed for easy integration into existing and new energy storage systems developed by third party integrators, developers or power utilities. Eguana intends to integrate modules from Freyr into its range of ESS products over the next five years.
"By combining Freyr's clean, low-cost battery cells and Eguana's state-of-the-art module designs and packaging solutions, we will further drive down the cost of ESS solutions and support mass deployment in both grid and off-grid systems. The global ESS market is increasingly set for rapid growth in the coming years. We are well positioned to capture that growth by pro-actively partnering with best-in-class technology providers to offer battery solutions with superior cost and performance, made with renewable energy and strong local supply chains," said Tom Jensen, chief executive officer of Freyr.
"Freyr is ambitiously building up to 43 gigawatt-hours of cell capacity by 2025 using next-generation semi-solid lithium technology from 24M with a localized and decarbonized manufacturing supply chain delivering improved battery cell economics and safety. Vertical integration of our battery supply chain is a key focus area in the coming years and the development team is excited to design and build cutting-edge battery modules with Freyr battery cells for Eguana product solutions while opening additional channel opportunities in the commercial and industrial energy storage markets," commented Justin Holland, chief executive officer of Eguana.
Rystad Energy reported on May 14, 2021, that it modelled a road map to meet the latest climate ambitions in the United States and estimated that about 1,800 gigawatt-hours of batteries or flexible sources is needed to back up solar and wind by 2030.
On Jan. 29, 2021, Freyr announced that it will become a publicly listed company through a business combination with Alussa Energy, raising approximately $850-million in equity proceeds to accelerate the development of up to 43 gigawatt-hours of clean battery cell manufacturing capacity in Norway. Subject to closing conditions being met, the combined company will be named Freyr Battery (Pubco) and its common stock is expected to start trading on the New York Stock Exchange under the ticker symbol FREY upon closing, expected in the second quarter of 2021. On Feb. 16, 2021, the extraordinary general meeting of Freyr approved the business combination. Alussa Energy expects its special meeting to approve the business combination to take place during the second quarter of 2021.
About Eguana Technologies Inc.
Based in Calgary, Alta., Canada, Eguana Technologies designs and manufactures high performance residential and commercial energy storage systems. Eguana has two decades of experience delivering grid-edge power electronics for fuel cell, photovoltaic and battery applications and delivers proven, durable, high-quality solutions from its high-capacity manufacturing facilities in Europe, Australia and North America. With thousands of its proprietary energy storage inverters deployed, Eguana is one of the leading suppliers of energy storage systems for solar self-consumption, grid services and demand charge applications at the grid edge.
We seek Safe Harbor.
© 2021 Canjex Publishing Ltd. All rights reserved.
Eguana, Freyr to develop ESS battery modules
2021-05-27 13:07 ET - News Release
Mr. Justin Holland reports
FREYR AND EGUANA SIGN MOU FOR JOINT DEVELOPMENT OF BATTERY MODULES AND SUPPLY OF FREYR BATTERY CELLS FOR RAPIDLY GROWING ESS MARKETS
Freyr AS and Eguana Technologies Inc. have signed a memorandum of understanding for (non-exclusive) development of battery modules with superior cost and performance for energy storage systems (ESS), including the supply of clean, low-cost battery cells made with at Freyr's production facilities under development in Mo i Rana, Norway.
Eguana, based in Calgary, Canada, designs and manufactures grid interactive ESS solutions based on proprietary power control technology for residential, commercial and industrial use. Under the memorandum of understanding, Freyr intends to engage Eguana in designing and producing cost-optimized, standardized battery modules utilizing Freyr's clean, low-cost battery cells based on 24M's innovative cell design and production process. Freyr will also hold licensing rights to produce the Eguana-developed modules for other customers. The new modules will be designed for easy integration into existing and new energy storage systems developed by third party integrators, developers or power utilities. Eguana intends to integrate modules from Freyr into its range of ESS products over the next five years.
"By combining Freyr's clean, low-cost battery cells and Eguana's state-of-the-art module designs and packaging solutions, we will further drive down the cost of ESS solutions and support mass deployment in both grid and off-grid systems. The global ESS market is increasingly set for rapid growth in the coming years. We are well positioned to capture that growth by pro-actively partnering with best-in-class technology providers to offer battery solutions with superior cost and performance, made with renewable energy and strong local supply chains," said Tom Jensen, chief executive officer of Freyr.
"Freyr is ambitiously building up to 43 gigawatt-hours of cell capacity by 2025 using next-generation semi-solid lithium technology from 24M with a localized and decarbonized manufacturing supply chain delivering improved battery cell economics and safety. Vertical integration of our battery supply chain is a key focus area in the coming years and the development team is excited to design and build cutting-edge battery modules with Freyr battery cells for Eguana product solutions while opening additional channel opportunities in the commercial and industrial energy storage markets," commented Justin Holland, chief executive officer of Eguana.
Rystad Energy reported on May 14, 2021, that it modelled a road map to meet the latest climate ambitions in the United States and estimated that about 1,800 gigawatt-hours of batteries or flexible sources is needed to back up solar and wind by 2030.
On Jan. 29, 2021, Freyr announced that it will become a publicly listed company through a business combination with Alussa Energy, raising approximately $850-million in equity proceeds to accelerate the development of up to 43 gigawatt-hours of clean battery cell manufacturing capacity in Norway. Subject to closing conditions being met, the combined company will be named Freyr Battery (Pubco) and its common stock is expected to start trading on the New York Stock Exchange under the ticker symbol FREY upon closing, expected in the second quarter of 2021. On Feb. 16, 2021, the extraordinary general meeting of Freyr approved the business combination. Alussa Energy expects its special meeting to approve the business combination to take place during the second quarter of 2021.
About Eguana Technologies Inc.
Based in Calgary, Alta., Canada, Eguana Technologies designs and manufactures high performance residential and commercial energy storage systems. Eguana has two decades of experience delivering grid-edge power electronics for fuel cell, photovoltaic and battery applications and delivers proven, durable, high-quality solutions from its high-capacity manufacturing facilities in Europe, Australia and North America. With thousands of its proprietary energy storage inverters deployed, Eguana is one of the leading suppliers of energy storage systems for solar self-consumption, grid services and demand charge applications at the grid edge.
We seek Safe Harbor.
© 2021 Canjex Publishing Ltd. All rights reserved.