FREYR Battery signs frame agreement with local house developers in Mo i Rana, Northern Norway
FREYR Battery has signed a frame agreement with local property developers Zar eiendom and Ranheim eiendom and the local bank, Sparebank 1 Helgeland for rapid property development in Mo i Rana, Northern Norway. Trough the frame agreement FREYR offers a financial guarantee to facilitate for a faster property development in Mo i Rana.
The planned property projects from the two developers gives approximately 180 units in various sizes. The start of the construction of the first units is planned to commence already this summer.
“We have entered the frame agreements with the local property developers and the local bank to offer this financial guarantee so that we can plan for the housing to be ready when the FREYR employees arrive to Mo i Rana,” says CFO in FREYR Battery Operations, Helge Aasen.
FREYR plans to construct battery cell facilities in Mo i Rana, Northern Norway to meet the growing demand for battery cells globally. The facilities will be located within Mo industrial park that offers “plug and play” sites that are already regulated for the industry. According to the plan this will be the workplace for hundreds of FREYR employees in the coming years.
The first facility, the Customer Qualification Plant (CQP) is well on its way and the plan is to start production before the end of this year. The first FREYR employees have already moved to Mo i Rana.
By the end of Q2, FREYR plans to make the Final investment decision (FID) for its first Gigafactory, which according to plan will commence production before the end of 2023.
The first facility, the Customer Qualification Plant (CQP) is well on its way and the plan is to start production before the end of this year.