FREYR Battery, Aleees To Form LFP Cathode Manufacturing Joint Venture

• FREYR Battery SA (NYSE:FREY) and Aleees, a producer of lithium iron phosphate (LFP) cathode materials for batteries, signed a Head of Terms agreement to pursue a Joint Venture. The financial terms were not disclosed.
• The JV is to establish an LFP cathode plant in the Nordic region and seeks to commence production in 2024, coinciding with the anticipated ramp-up of operations from FREYR's first Gigafactory in Mo I Rana, Norway.
• The JV will combine Aleees' LFP cathode production experience with FREYR's manufacturing of decarbonized battery cells at scale.
• The JV partners plan to develop an initial 10,000 tonnes of LFP cathode material per year in the Nordic region by 2024. The JV's secondary ambition is to quickly expand to at least 30,000 tonnes by 2025 using Aleees' modular LFP plant design.
• Aleees and FREYR plan to collaboratively develop a Nordic supply chain encompassing iron and phosphate products from the Nordic region.
• The nordic supply chain is expected to bring substantial economic benefits to FREYR and the Nordic region.
• Price Action: FREY shares are trading higher by 4.47% at $9.82 during the premarket session on Tuesday.