The challenge:
Unprecedented change is required to reduce risks and impact of climate change, extreme heat, droughts, floods and poverty

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The Paris Agreement, first signed by 174 states and EU on 22 April 2016, and by a total 195 parties as of July 2019; a joint commitment to limit global warming to “well below 2 °C above pre-industrial levels”.

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The urgency:
To limit global warming to 1.5°C, and avoid potential disasters, CO2 emissions must be reduced by 40-60% by 2030

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“Global Warming of 1.5°C”, 2018, a special report on the impacts of global warming by the Intergovernmental Panel on Climate Change, the United Nations body for assessing the science related to climate change.

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The solution:
A shift from fossil fuel to electricity-from-renewables could deliver 75-90% of CO2 emission reductions required

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“Global energy transformation: A roadmap to 2050 (2019 edition)”, by the International Renewable Energy Agency, an intergovernmental organization with 160 states and EU as members, promoting adoption and sustainable use of renewable energy.

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The opportunity:
Battery demand is more than five times the capacity of currently confirmed manufacturing projects in Europe

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McKinsey & Company “Recharging economies: The EV-battery manufacturing outlook for Europe” (2019), 2040-projections.

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The contribution:
Green battery cells produced in Norway, starting with a 32+2 GWh gigafactory – developed by FREYR and partners

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32+2 GWh corresponds to the factory delivering battery cells up to 1 million electric cars and additional applications annually.

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The competitive advantage:
Leveraging Norway’s renewable low-cost energy and an emerging Nordic battery ecosystem

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Norway is a world leader in sustainable energy, with 98% of electricity coming from renewable sources, according to NVE, and a renewable sector employing more than 50,000 people.

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Competitive advantage