FREYR's Partner 24M Technologies Inks EV Battery Deal With Volkswagen

  • FREYR Battery SA FREY welcomes strategic partnership and investment between its partner, 24M Technologies, Inc., and Volkswagen Group VWAGY to manufacture next-generation lithium-ion EV batteries using 24M's SemiSolid platform. 
  • The partnership is focused on developing production technology for SemiSolid battery cells for use in VWAG electric vehicles.
  • Volkswagen will make a strategic investment into 24M and establish a subsidiary that will, in cooperation with 24M, develop a SemiSolid battery cell production technology for automotive applications. Financial terms were not disclosed.
  • In 2020, FREYR signed a license agreement with 24M with rights to unlimited production of battery cells based on 24M's current and all future technology.
  • Price Action: FREY shares are trading higher by 7.60% at $11.47 and VWAGY higher by 7.67% at $31.94 on the last check Wednesday.
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