Nidec Corporation (“Nidec”) announced it signed a joint venture agreement with FREYR BATTERY SA, Norwegian semi-solid lithium-ion battery manufacturer, on August 30, 2022.
The objective of the alliance is to jointly create a global leading provider of utility scale battery energy storage products drawing on FREYR’s innovative, low-carbon battery technology and Nidec’s leading position in utility scale energy storage systems, the companies say. By concluding this joint venture agreement, Nidec says it will strengthen its strategic partnership with FREYR and aim to further expand the Battery Energy Storage Solutions (BESS) solution business in the future.
The new company name is to be determined, and it will be headquartered in Oslo, Norway.
Establish a leading position in the field of BESS:
Through this strategic alliance, Nidec says it will provide innovative storage battery and power management technologies to the world, thereby contributing to the promotion of renewable energy and the realization of a decarbonized society. Nidec has set the medium-term strategic goal, Vision 2025, and targets carbon neutrality by 2040. In particular, Nidec will contribute to decarbonization by using its products and reduce CO2 emissions from business activities. This agreement will contribute to both. Nidec will continue to contribute to the realization of a carbon-neutral society through proactive investment in environmental measures, the company says.
