Glencore strengthens cobalt partnership with FREYR
1 February 2021
Following the announcement on 9 December 2020, Glencore International AG (Glencore) and FREYR are pleased to announce that they have agreed a letter of intent for the supply of up to 3700 tonnes of high purity cobalt metal cut cathodes produced at Glencore’s Norwegian operations, Nikkelverk. This ethically sourced cobalt will be a core component in FREYR’s lithium-ion battery (LIB) cells, which will be produced at planned facilities in Mo i Rana, Norway.
Glencore has also purchased an equity stake in FREYR through its business with Alussa Energy Acquisition Corp, a special purpose acquisition company listed on the New York Stock Exchange (NYSE). The combined company will be named FREYR and its common stock is expected to start trading on the NYSE upon closing, expected in the second quarter of 2021.
Nico Paraskevas, Head of Copper and Cobalt Marketing, Glencore, commented:
“The finalisation of the letter of intent alongside our investment in the combined group cements our long-term partnership. We look forward to helping FREYR achieve its goal of producing batteries with the world’s lowest carbon content and contributing to our ambition of net-zero total emissions by 2050.”
For further information please contact:
t: +41 41 709 2880
m: +41 79 737 5642
t: +41 41 709 24 62
m: +41 79 904 33 20
Glencore LEI: 2138002658CPO9NBH955
Notes for Editors
About FREYR AS
FREYR plans to develop 40+ GWh of battery cell production capacity by 2025 to position as one of Europe’s largest cell suppliers. The facilities are located in the Mo i Rana industrial complex in Northern Norway, leveraging Norway’s highly skilled workforce and abundant, low-cost renewable energy sources from hydro and wind in a crisp, clear and energized environment. FREYR will supply safe, high energy density and cost competitive clean battery cells to the rapidly growing global markets for electric vehicles, energy storage, marine and aviation applications. FREYR is committed to supporting cluster-based R&D initiatives and the development of an international ecosystem of scientific, commercial, and financial stakeholders to support the necessary expansion of the battery value chain in our region. For more information, go to www.freyrbattery.com.
Glencore is one of the world’s largest global diversified natural resource companies and a major producer and marketer of more than 60 responsibly-sourced commodities that advance everyday life. The Group's operations comprise around 150 mining and metallurgical sites and oil production assets.
With a strong footprint in over 35 countries in both established and emerging regions for natural resources, Glencore's industrial activities are supported by a global network of more than 30 marketing offices.
Glencore's customers are industrial consumers, such as those in the automotive, steel, power generation, battery manufacturing and oil sectors. We also provide financing, logistics and other services to producers and consumers of commodities. Glencore's companies employ around 160,000 people, including contractors.
Glencore is proud to be a member of the Voluntary Principles on Security and Human Rights and the International Council on Mining and Metals. We are an active participant in the Extractive Industries Transparency Initiative. Our ambition is to be a net zero total emissions company by 2050.