KYOTO, Japan, August 30, 2022 (GLOBE NEWSWIRE) — On August 30, 2022 (Japan Standard Time), Nidec Corporation (“Nidec”) ((TSE: 6594,NJDCY signed a joint venture agreement with FREYR BATTERY SA (“FREYR”) FREYa Norwegian manufacturer of semi-solid lithium-ion batteries.

1. Purpose of Agreement
FREYR is a lithium-ion battery manufacturer founded in 2018, listing on the New York Stock Exchange in 2021 and planning to start mass production in 2024. FREYR has innovative semi-solid lithium-ion battery manufacturing technology in terms of quality and manufacturing process. The company will manufacture batteries in Norway, a country at an advanced stage of decarbonization, and will only use clean, renewable hydropower that is locally available. Consequently, the production of battery cells at FREYR is environmentally friendly and gives itself a competitive advantage in terms of plentiful energy supply and lower costs combined with lower CO2 emissions.

Nidec’s Battery Energy Storage Solutions (“BESS”) provide grid-connected services that enable accelerated adoption of renewable power generation, contributing to the realization of a zero-carbon society. FREYR will produce environmentally friendly lithium-ion semi-solid batteries made from 100% renewable energy under a special power purchase agreement with Statkraft (Europe’s largest producer of renewable energy), which is made from 100% hydroelectric power. Our partnership with FREYR will ensure stable sourcing of competitive and clean semi-solid lithium-ion batteries for Nidec’s BESS solutions. This will help to significantly reduce CO2 emissions throughout the process from battery manufacturing to the use of our BESS solution by our customers.

The goal of the alliance is to jointly create a global leader in utility-scale battery energy storage products, leveraging FREYR’s innovative, low-carbon battery technology and Nidec’s leadership in utility-scale energy storage systems. By entering into this joint venture agreement, Nidec will…