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Nidec Energy AS

On 30th August 2022, Nidec Corporation (“Nidec”), the world’s largest small precision motor manufacturer in the automotive, the industrial, and the appliance sectors, signed a joint venture agreement with FREYR Battery Norway AS (“FREYR”), a Norwegian company with innovative semi-solid lithium-ion battery manufacturing technology.

As part of the agreement, FREYR will supply 38 GWh of cells to the joint venture company from 2025 to 2030, with an option to upsize the volumes to 50 GWh in the period and potential additional volumes beyond 2030.

The objective of the alliance is to jointly create a global leading provider of utility scale battery energy storage products drawing on FREYR’s innovative, low-carbon battery technology and Nidec’s leading position in utility scale energy storage systems.

The joint venture company’s shareholders will be Nidec 66.7% and FREYR 33.3%, while the headquarters will be based in Oslo, Norway.

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