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Friday, January 27, 2023

FREYR (NYSE: FREY) Develop Program for Environmental Impact Assessment

FREYR Battery (NYSE: FREY) disclosed that it has designed a program for the Environmental Impact Assessment (EIA) and presented its proposal to Finland’s Centre for Economic Development, Transport, and the Environment (ELY Centre). This highlights an important achievement in the authorization process to commence a potential construction of FREYR’s planned battery cell plant project in Vaasa, Finland.

FREYR has started building the first of its proposed factories in Mo i Rana, Norway, and revealed potential development of industrial-scale battery cell production in Vaasa, Finland, and the United States. FREYR is planning to provide up to 43 GWh of battery cell capacity by 2025 and up to 83 GWh annual capacity by 2028.

Moreover, due to its local supply of affordable, renewable energy, accessibility to raw materials, and a highly-skilled workforce, FREYR has picked Vaasa as a suitable production site. The goal of the Vaasa project is to develop improved, energy-efficient battery cells with the least CO2 emissions feasible. Before making a final financial decision and starting building on the plant, the EIA must be approved.

Furthermore, the assessment aims to discover, analyze, and report the project’s anticipated environmental implications in Vaasa. The goal is to finish the evaluation process by the end of 2022, with a possible investment decision in Finland’s first Gigawatt-hour scale battery cell factory after that.

In addition, the ELY Centre’s EIA assessment of the proposed FREYR plant will be based on variables such as the project’s location, physical characteristics, and environmental impacts. They will also look at how the project would affect expected residues and emissions, as well as natural resource utilization and the Vaasa area’s overall environmental impact.

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