Eguana Tech Signs MOU With FREYR For Joint Development Of Battery Modules
Eguana Technologies (TSXV: EGT) this morning had a major announcement, in that it has entered into a memorandum of understanding for the development and supply of battery modules for energy storage systems for that of FREYR. FREYR is set to go public in the near term via that of Alussa Energy Acquisition Corp (NYSE: ALUS), an NYSE-listed SPAC.
Under the terms of the MOU, the battery modules are to be manufactured with superior cost and performance features for energy storage systems. Designed and produced by Eguana, the standardized battery modules are to utilize FREYR’s clean, low cost battery cells. FREYR will also hold licensing rights to produce the modules for other clients.
One of the key features of the arrangement, is that the new modules are to be designed to easily integrate into both existing as well as new energy storage systems that have been developed by third parties. Eguana is also to integrate modules from FREYR into its energy storage systems over the next five years.
“Vertical integration of our battery supply chain is a key focus area in the coming years and the development team is excited to design and build cutting edge battery modules with FREYR battery cells for Eguana product solutions while opening additional channel opportunities in the commercial and industrial energy storage markets.”
Justin Holland, CEO of Eguana Technologies
Eguana Technologies last traded at $0.34 on the TSX Venture.
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