Freyr AS, a startup planning to build one of Europe’s first battery gigafactories in Norway, has a bigger vision for the region: a “Nordic Battery Belt.”
The Norwegian company is still gathering approvals, technology licenses and funding for its initial, 40 billion-krone ($4.5 billion) project in northern Norway. But it already sees the scope for as many as four more factories in its home country, and said battery producers could develop at least twice as many across the Nordic region, home to plenty of empty space and clean energy, within the next two to three decades.
“Our dream would be raw materials coming from Finland, technology from Sweden and renewable power from Norway,” said Freyr Chairman Torstein Dale Sjotveit, an industry veteran who spent most of his career at aluminum producer Norsk Hydro ASA. “We’d build at least 10 factories across the Nordic Battery Belt.”
Freyr is following in the footsteps of NorthVolt AB, which raised $1 billion earlier this year from investors including Volkswagen AG and Goldman Sachs Group Inc. to build a gigafactory for lithium-ion battery cells in northern Sweden.
Electric vehicles are expected to reach 57% of global car sales by 2040, according to BNEF
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