Latest News by Industry
ATLANTA (AP) — A Norwegian company will build a giant electric battery factory just southwest of Atlanta, company and state officials announced Friday, investing up to $2.6 billion over multiple phases.
Freyr Battery said it would build an initial plant that would produce batteries that could hold 34 gigawatt hours of electricity each year. Among battery plants currently operating, that would be the second-largest worldwide, behind a factory owned by Panasonic and Tesla in Nevada.
Freyr CEO Tom Jensen told attendees at the announcement in the Atlanta suburb of Newnan that the company's vision of using renewable energy to make batteries could play an important role in reducing carbon emissions from electricity generation and transportation.
Jensen said battery production is a “massive growth opportunity,” predicting 70% of decarbonization efforts will somehow include batteries.
“We want to build something that matters, something that we can be proud of something that will matter for our children,” Jensen said. “Because at the end of the day, the world needs to rapidly decarbonize the society.”
The company said it plans an initial investment of $1.7 billion, and would hire 720 people at a site it has purchased in an industrial park near Newnan, about 35 miles (55 kilometers) southwest of Atlanta. Phases through 2029 involving $700 million of additional investment could include more production lines, material processing and other activities.
Freyr, named for the Norse god of peace and fertility, rain, and sunshine, is also building a large factory in northern Norway and is considering opportunities for facilities in Finland.
The company aims to make batteries, an electricity-intensive process, using renewable energy. In Georgia, that could mean a dedicated solar facility with battery storage, the company said.
The company said it sees opportunities in the United States in part because of incentives for renewable energy passed by Congress earlier this year. Freyr said it intends to seek federal grants or loans.
In addition, the company said it is getting “strong” financial incentives from state and local officials in Georgia. The state plans to pay for worker training, and Freyr will eligible for up to $4.5 million in state income tax credits over five years, as long as workers make at least $31,300 a year. Coweta County is also likely to offer property tax breaks.
It's the second huge battery factory announced in Georgia. Korean firm SK Innovation has built a $2.6 billion plant in Commerce, northeast of Atlanta, with plans to hire 2,600 workers eventually.
The state has targeted the electric vehicle industry. Hyundai Motor Group has announced plans to invest $5.5 billion in a plant near Savannah and hire 8,100 workers. Electric truck maker Rivian has plans to build a plant east of Atlanta, investing $5 billion and employing 7,500 workers.
___
Follow Jeff Amy on Twitter at http://twitter.com/jeffamy.