COWETA COUNTY, GA. — FREYR Battery (NYSE: FREY), a Luxembourg-based battery manufacturer focused on sustainability, has announced plans to open a new plant in Coweta County, about 40 miles south of Atlanta.
The project represents a total capital investment of approximately $2.6 billion. The exact location of the manufacturing facility, which will be known as Giga America, was not disclosed. However, The Atlanta Journal-Constitution reports that the site will span 368 acres and will be situated near distribution centers for Amazon and Shopify. All of these facilities offer proximity to I-85, which connects Atlanta with Coweta County.
Community and company leaders expect to create more than 700 new jobs over the next seven years. A timeline for completion was not disclosed.
The local newspaper also reported that FREYR Battery considered more than 150 sites across 25 different states before settling on this specific location. The company’s products are designed to decarbonize transportation and energy systems, including as components of electric vehicles.
“As we advance our U.S. expansion plan in cooperation with our key stakeholders, we expect to make meaningful investments to spur job creation and the eventual development of localized, decarbonized supply chains in the U.S. to enhance energy security and economic activity,” says Tom Einar Jensen, co-founder and CEO of FREYR Battery.
Georgia has recently established itself as a hub for electric vehicle production. Last December, California-based electric truck manufacturer Rivian Inc. (NASDAQ: RIVN) announced plans to build a $5 billion facility in Rutledge, about 50 miles east of Atlanta, though that project has since been met with environmental concerns and backlash from local residents.
In addition, in May of this year, Hyundai Motor Group revealed plans to develop a $5.5 billion manufacturing hub for its electric vehicle division in Bryan County, located near Savannah in coastal Georgia. At the time that the Rivian and Hyundai projects were announced, local leaders pegged the total number of added jobs at about 7,000 and 8,000, respectively.
In announcing the project, the office of Georgia Gov. Brian Kemp cited the state’s “prime location, extensive infrastructure, skilled workforce and business-friendly climate” as the primary factors that have and continue to attract companies such as these.
“We’re excited to welcome FREYR Battery to metro Atlanta, which has quickly become a hub for battery cell research and production,” concurs Katie Kirkpatrick, CEO and president of the Metro Atlanta Chamber. “FREYR Battery will benefit from the vibrant research ecosystem that exists in the region and the diversity of talent that stands ready to support the company’s next-generation efforts.
FREYR Battery’s stock price opened at $14.40 per share on Monday, Nov. 14, the first full day of trading since the initial announcement, up from $10.92 per share a year ago.
— Taylor Williams