Benzinga | Dec 9, 2021 09:38PM EST

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

* FREYR Battery SA (NYSE:FREY) welcomes strategic partnership and investment between its partner, 24M Technologies, Inc., and Volkswagen Group (OTC: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.