Freyr Battery SA and Nidec Corp, the world’s largest manufacturer of high-efficiency electric motors, signed a binding deal for lithium-ion batteries from Freyr’s arctic giga-factory.
The volume totals 38 gigawatt-hours and equates to projected revenues of more than US$3 billion (RM13.44 billion) for Freyr, the Norwegian company said in a statement on Tuesday. The companies are converting and expanding a previously announced 31 gigawatt-hour conditional off-take agreement to a binding sales agreement running from 2025 to 2030.
