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FREYR Receives Government Low-Emission Grant from ENOVA to Support Development of Initial Clean Battery Cell Production Facility
March 3, 2021 GMT
NEW YORK (BUSINESS WIRE) Mar 3, 2021
FREYR AS has received a NOK 142 million-grant (USD 16.4 million) from the Norwegian Ministry of Climate and Environment through ENOVA SF as part financing for the development and construction of a pilot plant in Mo i Rana, Norway, which will be FREYR’s initial clean battery cell production facility.
ENOVA is an enterprise owned by the Ministry of Climate and Environment. The enterprise is contributing to reduced non-quota greenhouse gas emissions by 2030 and technology development and innovation that contributes to emission reductions up to 2050.
The Alussa-
Freyr deal is not a particularly terrible arrangement as far as SPACs go. However, it’s worth highlighting because it shows the difference between a hot SPAC and one that’s getting ignored by the market. Without any investor attention, Freyr could end up being a bust.
With the Freyr merger, Alussa intends to dominate the market for clean battery production. This should work, right? After all,
Quantumscape (NYSE:
QS) has been one of the biggest SPAC winners in the space. So, why is QS stock worth over $50 and ALUS stock just shy of $11?
Reading through the investor presentation, a few things stand out. First, the company is based in Norway the American market tends to prefer companies based in the Silicon Valley or other engineering hotspots like Boston. Second, it’s unclear how much proprietary technology Freyr has itself.
Nebula Caravel Acquisition Corp. (NASDAQ: NEBC)
WeissLaw LLP is investigating possible breaches of fiduciary duty and other violations of law by the board of directors of
Nebula Caravel Acquisition Corp. (NASDAQ: NEBC) in connection with the company s proposed merger with A Place for Rover Inc. ( Rover ). Under the terms of the merger agreement, Nebula will acquire Rover through a reverse merger that will result in Rover becoming a publicly traded company. If you own NEBC shares and wish to discuss this investigation or your rights, please call us at one of the numbers listed above or visit our website: https://www.weisslawllp.com/nebc/
SHAREHOLDER ALERT: WeissLaw LLP Reminds NEBC, ALUS, CRSA, and NPA Shareholders About Its Ongoing Investigations prnewswire.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from prnewswire.com Daily Mail and Mail on Sunday newspapers.
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Innovation Norway, the Norwegian Government’s key instrument for supporting innovation and development of Norwegian enterprises and industry has granted FREYR NOK 39 million in development support. The grant is provided in the “environmental technology” category and relates to Innovation Norway’s task of stimulating research and development projects, domestic value generation and creation of responsible businesses. The grant is expected to be paid during 2021 and follows an evaluation process which started in the fall of 2020.
FREYR is targeting development of up to 43 GWh of cost efficient and clean battery cell production capacity in Mo i Rana, Norway, by 2025. FREYR plans to utilize next generation battery technology and Norway’s inherent advantages, including access to renewable energy, low electricity prices, and closeness to rapidly growing markets in Europe and the US.