Powin to offtake 28.5 GWh of battery cells from Freyr

May 11 (Renewables Now) - Freyr Battery (NYSE:FREY) has signed a conditional offtake agreement with US energy storage company Powin LLC for Powin to source 28.5 GWh of battery cells produced by Freyr for energy storage system applications.

Freyr will supply the battery cells from 2024 through 2030, initially from its combined gigafactory 1 & 2 in Mo i Rana, Norway, and subsequently from its planned future gigafactory in the US.

The battery cell developer wants to set up giga-scale manufacturing capacity in Norway, the US and Finland supported by conditional customer offtake contracts. Including the deal with Powin, unveiled on Tuesday, its offtake volumes reach 78.8 GWh. Freyr aims to deliver up to 43 GWh of battery cell capacity by 2025, rising to up to 83 GWh annual capacity by 2028.

Powin chief executive Geoff Brown said the agreement “underscores our commitment to diversify and secure our supply chain for our customers.”

“We are particularly excited to support Freyr’s plans to open a gigafactory in the US and their efforts to source raw materials locally to their facilities to ensure the lowest possible carbon footprint,” Brown added.