FREYR and Eguana sign MOU for joint development of battery modules
Under the MoU FREYR intends to engage Eguana in designing and producing cost-optimized, standardized battery modules utilizing FREYR’s clean, low cost battery cells.
Research & Development
Technology / IIoT
CALGARY — FREYR AS and Eguana Technologies Inc. have signed a Memorandum of Understanding (MoU) 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 MoU 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 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 proactively 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, CEO of FREYR.
“FREYR is ambitiously building up to 43 GWh of cell capacity by 2025 using next generation semisolid 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, The CEO of Eguana.
Rystad Energy reported on May 14th that it modeled a roadmap to meet the latest climate ambitions in the USA and estimated that about 1800 GWh of batteries or flexible sources is needed to back-up solar and wind by 2030.