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Benzinga
Benzinga
Business
Akanksha Bakshi

FREYR Inks Raw Materials Reservation Agreement

FREY (Organization) FREYR NYSE Norway Supply chain
  • FREYR Battery SA (NYSE:FREY) entered into a reservation agreement with Changzhou Senior New Energy Materials Co., Ltd. and Senior Material (Europe) AB to supply battery materials for its Customer Qualification Plant (CQP), currently under construction in Norway, and for the planned combined Gigafactory 1 & 2.
  • Changzhou Senior New Energy Materials Co. and Senior Material (Europe) AB have reserved the supply capacity of separator materials through 2028 to align with FREYR's estimated demand.
  • "This reservation agreement ensures that we won't lose any speed when it comes to securing the required separator materials to start production at our CQP and Gigafactory 1 & 2," commented Tilo Hauke, EVP of Supply Chain Management in FREYR.
  • The reservation agreement was officially entered into on June 15, 2022, following an initial purchase agreement made in December 2021.
  • Price Action: FREY shares are trading higher by 4.35% at $7.32 on the last check Wednesday.
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