There has been a lot of talk about battery factories in Norway, and the municipalities have almost stood in queues to secure a ticket to the adventure. In Rana, the company Freyr has paved the way. And already in four weeks, the first so-called customer qualification factory will open on the quay in Mo i Rana. The goal is ultimately to open a so-called giga factory, which has been named Giga Arctic. The plan was for it to be completed in 2024/2025. Now it can be postponed. Tom Einar Jensen is CEO of Freyr. Photo: Freyr Because it is not only in Norway that Freyr bets. They are also in the process of building a gigafactory in the USA. – We announced last November that we were accelerating our development in the US. And it is driven by the Biden administration’s so-called “Inflation reaction act”, which provides very strong incentives for the production of batteries in the USA, says Tom Einar Jensen to news. He is CEO of Freyr. Depending on capital In short, the “Inflation reaction act” means that close to NOK 3,700 billion will be spent on subsidizing green industrial development in the USA. The law was signed by US President Joe Biden last year and came into force at New Year’s, writes NTB. Among other things, it includes tax benefits for American-made electric cars and batteries, which has led to dissatisfaction among European manufacturers. The challenge is that similar arrangements do not exist in Europe and Norway today. And thus it is more profitable for companies like Freyr to invest in the USA. At the same time, they depend on a lot of external capital to realize their plans. And the investors demand that the money be used where there is the best return – There is great interest in the green shift in general in the capital market. But investors want the highest possible return on capital, says Tom Jensen in Freyr. The company now aims to start battery production in Giga America in 2025. May be postponed Thus, the large-scale battery adventure in Nordland may be postponed. – Now it has by no means been decided that there will be a time shift in this yet, and we have not been explicit about it. A delay may be a consequence of this, but it is too early to say. At the same time, he believes that there may be a response from the EU and Norway. – We have already put billions of kroner into battery investment in Norway and Mo i Rana, and we will continue to invest in it. But the pace of progress is going to be determined by the response that comes from the EU, so that’s really the situation as it is right now.
ttn-69
Freyr’s investment in a giant battery factory in Norway may be postponed. Bet more in the USA – news Nordland
