Honeywell and FREYR Battery signed a significant agreement this week to provide smart energy storage solutions for a wide range of commercial and industrial customers. FREYR will take advantage of Honeywell’s tech (integrated automation, field instrumentation and security integration) in their manufacturing process. Additionally, Honeywell will purchase 19 GWh of battery cells produced by FREYR from 2023 through 2030 for a multitude of energy storage systems applications.
The battery cells produced through this project can be utilized by behind-the-meter or industrial locations, as well as front-of-the-meter locations like large solar and wind renewable power generation sites.
“Battery storage will play a crucial role as organizations transition to clean power generation,” said Tom Einar Jensen, FREYR’s Chief Executive Officer. “Honeywell is an ideal partner with world class teams, technology and industrial expertise and our shared commitment to decarbonizing the global energy systems sector will serve as the foundation for our continued work together. Today’s announcement is also an important milestone as we advance to a potential H1 2022 Final Investment Decision (“FID”) on our first Gigafactory in Mo i Rana, Norway.”
Battery Energy Storage Systems (BESS) technology development is vital to the continued decarbonization of global power systems. According to a recently published research report by Stanford University, the U.S. power grid could reach 100% renewable power penetration by 2050. This new cost competitive electricity mix would rely largely on solar, wind and hydro development as well as energy storage technology. According to the study, BESS would spearhead this trend and could reach total installed capacity of 15,700 GWh by 2050.
“Introducing decarbonized storage solutions at scale across multiple geographic markets is vital to our continued sustainability efforts and in turn, helps to make renewable energy accessible and efficient,” said Ujjwal Kumar, President & CEO, Honeywell Process Solutions. “This collaboration will pair FREYR’s next-generation battery solutions with Honeywell’s 20 years of lithium-ion battery industry know-how and established routes to markets and customers.”