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.”