Honeywell and FREYR Battery have signed an agreement pursuant to which FREYR will, subject to viability, leverage Honeywell's leading technology offerings, including integrated automation, field instrumentation and security integration solutions in their manufacturing process. As part of the collaboration, Honeywell will purchase 19 GWh of battery cells produced by FREYR from 2023 through 2030 for a multitude of energy storage systems applications. Through the agreement, Honeywell and FREYR intend to provide smart energy storage solutions to address the needs of a wide range of commercial and industrial customers alike.

Subject to viability, FREYR will leverage Honeywell's broad automation and software expertise including automation systems, quality assurance and controls, and industrial software to provide manufacturing capacity at scale in Europe and the U.S. 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 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.