Mission Statement, Vision, & Core Values (2024) of FREYR Battery (FREY)

Mission Statement, Vision, & Core Values (2024) of FREYR Battery (FREY)

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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 Manufacturing

FREYR Battery aims to become a leading global battery cell manufacturer focused on clean energy storage solutions.

Strategic Vision Components

Technological Innovation

FREYR'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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