Honeywell buys 19GWh of battery cells from FREYR
Today's signed agreement also enables FREYR to leverage Honeywell's broad automation and software expertise including automation systems, quality assurance and controls, and industrial software to provide manufacturing capacity at scale in Europe and the US.
The battery cells produced through this project can be utilised by "behind-the-meter" or industrial locations, as well as "front-of-the-meter" locations such as large solar and wind renewable power generation sites.
"Battery storage will play a crucial role as organisations transition to clean power generation," said Tom Einar Jensen, FREYR's CEO. "Honeywell is an ideal partner with world class teams, technology and industrial expertise and our shared commitment to decarbonising the global energy systems sector will serve as the foundation for our continued work together."
He said today's announcement is also an important milestone as it advances to a potential H1 2022 Final Investment Decision on its first Gigafactory in Mo i Rana, Norway.
Battery Energy Storage Systems (BESS) technology development is vital to the continued decarbonisation of global power systems. According to a recently published research report by Stanford University, the US power grid could reach 100% renewable power penetration by 2050.
This new cost competitive electricity mix would rely largely on solar, wind and hydro development as well as energy storage technology. According to the study, BESS would spearhead this trend and could reach total installed capacity of 15,700GWh by 2050.
"Introducing decarbonised storage solutions at scale across multiple geographic markets is vital to our continued sustainability efforts and in turn, helps to make renewable energy accessible and efficient," said Ujjwal Kumar, President & CEO, Honeywell Process Solutions. "This collaboration will pair FREYR's next-generation battery solutions with Honeywell's 20 years of lithium-ion battery industry know-how and established routes to markets and customers."
Honeywell has committed to achieve carbon neutrality in its operations and facilities by 2035. The work it s doing with FREYR builds on the company's track record of sharply reducing the greenhouse gas intensity of its operations and facilities as well as its decades-long history of innovation to help its customers meet their environmental and social goals.
About half of Honeywell's new product introduction R&D investment is directed toward products that improve environmental and social outcomes for customers.