HomeTechnologyBattery Start-Up Freyr Accelerates U.S. Expansion Plans

Battery Start-Up Freyr Accelerates U.S. Expansion Plans

Norwegian battery start-up Freyr has announced its decision to accelerate its plans to invest in a U.S. plant in an effort to benefit from tax credits offered by the Inflation Reduction Act (IRA), CEO Tom Jensen confirmed.

Currently, Freyr is building two large battery plants, namely Giga Arctic in northern Norway and Giga America in the U.S. state of Georgia. While the construction of Giga America was initially anticipated to be 10-12 months behind Giga Arctic, the two are now being developed in parallel.

Jensen explained during an interview with Reuters that this is due to the benefits provided by the IRA. He explained that the legislation would enable Freyr to receive $37 million per gigawatt hour (GWh) of capacity installed in the United States.

“It’s important for us to be clear that we have a big ambition to complete Giga Arctic, but there are many other things we can use our capital on as well,” Jensen stated. “We have already had many of these developers approaching us, saying they can share some of their investment tax credits with us in order to secure batteries made in the U.S.”

S&P 500 Hits New Record as Dow Surges

Stocks on the New York Stock Exchange surged on Wednesday to recover from several days of declines. The S&P 500 surged by 0.8% to...

GameStop Stock Plunges Following Slump in Revenue

Shares in GameStop plummeted by 16% in extended trading after the company announced its fourth-quarter earnings. Revenue was $1.79 billion, down from last year's...

Tesla Offers One-Month Trial of Driver-Assist Technology

Electric vehicle maker Tesla is set to offer a one-month free trial to U.S. customers of its driver-assist technology, Full Self-Driving (FSD), CEO Elon...