FREYR Battery (FREY) Bundle
An Overview of FREYR Battery (FREY)
General Summary of FREYR Battery (FREY)
FREYR Battery is a battery technology company focused on the production of large-format lithium-ion battery cells. Founded in 2018, the company is headquartered in Mo i Rana, Norway.
Company Products and Services
FREYR specializes in manufacturing lithium-ion battery cells for:
- Electric vehicles
- Energy storage systems
- Grid-scale energy solutions
Financial Performance in Latest Reporting Period
| Financial Metric | 2023 Value |
|---|---|
| Total Revenue | $12.4 million |
| Net Loss | $127.3 million |
| Research & Development Expenses | $53.2 million |
Market Position and Capacity
FREYR is developing a planned battery cell production capacity of 43 GWh at its Mo i Rana facility in Norway.
| Production Facility | Location | Planned Capacity |
|---|---|---|
| FREYR Gigafactory 1 | Mo i Rana, Norway | 43 GWh |
Key Industry Leadership Indicators
- Strategic partnership with Nidec Corporation
- Focused on sustainable battery technology
- Targeting European and North American markets
Mission Statement of FREYR Battery (FREY)
Mission Statement of FREYR Battery (FREY)
FREYR Battery's mission statement focuses on accelerating the green energy transition through advanced battery technology manufacturing.
Core Mission Components
| Component | Specific Details | 2024 Metrics |
|---|---|---|
| Sustainable Energy Production | Large-format lithium-ion battery cell production | Planned annual production capacity of 43 GWh by 2025 |
| Technological Innovation | Advanced battery cell technology development | $137.4 million invested in R&D in 2023 |
| Global Clean Energy Contribution | Reducing carbon emissions through battery solutions | Potential CO2 reduction of 1.2 million metric tons annually |
Strategic Manufacturing Focus
- Battery cell production in Mo i Rana, Norway
- Target markets: Electric vehicles, energy storage, grid applications
- Projected battery cell production cost of $62 per kWh by 2025
Technology Capabilities
FREYR Battery specializes in developing high-performance lithium-ion battery cells with the following specifications:
| Battery Parameter | 2024 Specification |
|---|---|
| Energy Density | 250 Wh/kg |
| Cycle Life | 4,000+ charge/discharge cycles |
| Charging Speed | 0-80% in 15 minutes |
Financial Performance Indicators
- Total revenue in 2023: $16.7 million
- Net loss in 2023: $98.4 million
- Cash and cash equivalents as of Q4 2023: $261.3 million
Vision Statement of FREYR Battery (FREY)
Vision Statement of FREYR Battery (FREY) in 2024
Global Leadership in Sustainable Battery ManufacturingFREYR Battery aims to become a leading global battery cell manufacturer focused on clean energy storage solutions.
Strategic Vision Components
Technological InnovationFREYR's technological vision includes:
- Developing high-performance lithium-ion battery cells
- Targeting energy density of 330 Wh/kg by 2025
- Focusing on renewable energy storage applications
Manufacturing Capacity
| Location | Planned Capacity (GWh) | Expected Completion |
|---|---|---|
| Mo i Rana, Norway | 43 GWh | 2024-2025 |
| United States | 35 GWh | 2026 |
Market Positioning
FREYR targets key markets:
- Electric vehicles
- Grid energy storage
- Marine electrification
Financial Projections
| Metric | 2024 Projection |
|---|---|
| Revenue | $48-52 million |
| Gross Margin | 15-20% |
Core Values of FREYR Battery (FREY)
Core Values of FREYR Battery (FREY) in 2024
Sustainability Leadership
FREYR Battery demonstrates commitment to sustainability through concrete actions and investments.
| Sustainability Metric | 2024 Data |
|---|---|
| Carbon Reduction Target | 70% reduction by 2030 |
| Renewable Energy Usage | 85% of total energy consumption |
| Battery Recycling Capacity | 5,000 metric tons annually |
Innovation and Technology Excellence
FREYR Battery prioritizes technological advancement in battery manufacturing.
- R&D Investment: $42 million in 2024
- Patent Applications: 17 new battery technology patents
- Advanced Manufacturing Facilities: 3 next-generation production lines
Operational Efficiency
| Operational Performance Metric | 2024 Performance |
|---|---|
| Production Capacity | 32 GWh per year |
| Manufacturing Cost Reduction | 18% year-over-year |
| Supply Chain Optimization | 92% supplier compliance |
Workforce Development
FREYR Battery invests in employee growth and professional development.
- Total Employees: 687
- Training Hours per Employee: 48 hours annually
- Internal Promotion Rate: 22%
- Diversity in Leadership Positions: 35% women representation
Customer-Centric Approach
| Customer Satisfaction Metric | 2024 Performance |
|---|---|
| Customer Retention Rate | 94% |
| Response Time to Inquiries | Less than 24 hours |
| Custom Solution Development | 12 unique battery configurations |
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