FREYR's Partner 24M Technologies Inks EV Battery Deal With Volkswagen

FREYR Battery SA FREY welcomes strategic partnership and investment between its partner, 24M Technologies, Inc., and Volkswagen Group VWAGY to manufacture next-generation lithium-ion EV batteries using 24M's SemiSolid platform.
The partnership is focused on developing production technology for SemiSolid battery cells for use in VWAG electric vehicles.
Volkswagen will make a strategic investment into 24M and establish a subsidiary that will, in cooperation with 24M, develop a SemiSolid battery cell production technology for automotive applications. Financial terms were not disclosed.
In 2020, FREYR signed a license agreement with 24M with rights to unlimited production of battery cells based on 24M's current and all future technology.
Price Action: FREY shares are trading higher by 7.60% at $11.47 and VWAGY higher by 7.67% at $31.94 on the last check Wednesday.