FREYR Buys Georgia Site For Battery Factory, Sees $1.7 Billion Upfront Capital Cost, Auto News, ET Auto

Luxembourg-based FREYR Battery SA announced on Friday that it has purchased a site in Coweta County, Georgia, for its Giga America battery factory, and plans an initial capital outlay of $1.7 billion for the project.

The battery developer, which plans to undertake detailed engineering of the plant in the coming months, also said it expects to create more than 720 jobs in the region.

The development comes amid a series of electric vehicle (EV) and battery announcements in Georgia, which includes SK Innovation’s battery unit and 5.54’s EV and battery plant. billion from Hyundai Motor Co for which the company inaugurated last month.

“With the recent passage of the Cut Inflation Act, we expect U.S. demand for ESS (energy storage system), electric passenger vehicles and other mobility applications electricity will grow rapidly over the next decade,” said chief executive Tom Jensen.

The company also said it is evaluating value-added upstream and downstream modules and additional cell production lines that are expected to bring its total investments to more than $2.6 billion through 2029.

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