FREYR signs MoU with ESS manufacturer Eguana.
FREYR has announced an MoU agreement with Canadian Eguana for the potential offtake of 1,7 GWh capacity of high-density and cost-competitive battery cells over five years, a volume that will support the deployment of approximately 200,000 average-sized residential home storage systems.
According to the agreement, FREYR will also engage Eguana in designing and producing cost-optimized, standardized battery modules.
Rapid growth in market for residential electricity storage systems
In its recently published Energy Report, Rystad Energy found that the rate of growth in the global market for stationary storage of electricity is exceeding projections that were made just a few months ago.
The segment includes both the large grids and energy systems that support cities and smaller residential storage units. Eguana designs and manufactures high-performance residential and small commercial energy storage systems, which are typically used in combination with domestic solar and/or wind energy capture.
According to latest published figures, there are currently around 270,000 home solar electricity storage units in Germany, the largest European market. 1/3 of these units were installed in the past year, according to figures published by BSW (Bundesverband Solarwirtscahft) .
Reduces dependency for traditional grid access
One advantage of home battery systems is their potential to contribute to a more rapid development of local renewable energy grids, particularly in areas where access to the current grid is limited and investing in new power lines is not feasible. Energy storage units ensure that there will always be enough electricity to power the homeowner’s needs after they transition to renewable power generation.
Read more about FREYR’s agreement with Eguana and how this connects to our plans to help meet market need for ESS here.