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Mpac Group and FREYR Battery successfully complete first production trial of 24M's SemiSolid cells

16:52, 22nd May 2024
Paul Hill
PMH Capital

It's all systems go at high speed packaging and automation solutions firm Mpac Group (MPACFollow | MPAC.

Today, in a landmark announcement, the company said that its casting and unit cell assembly equipment had successfully passed the first EV battery production trial at FREYR Battery's Customer Qualification Plant (CQP) in Norway.

Here, MPAC machinery plays a central role in the production process, specifically automating the manufacture of cathode/anode electrodes and pouch cells.

The next phase of the CQP trials will involve moving to continuous production, manufacturing sample cells, and increasing production speeds.

Sure there is still plenty of hard work to do. Yet equally, this is a major technological step forward in building a 'giga-factory' for 24M Technologies' SemiSolid battery platform.

Adam Holland, CEO of Mpac Group, commenting: "Progress at the CQP continues to demonstrate Mpac Group 's ability to support innovative Clean Energy technologies. I would like to thank the hard-working team, and our partners at Siemens and Festo for their support. There remains much work ahead to deliver our vision for a sustainable future, and this is just one step in the journey."

Birger Steen, CEO of FREYR, adding: "I am proud to report this latest achievement at the CQP. We have demonstrated FREYR's technical and operational qualifications as an emerging industrialization partner of choice in the battery industry. The next step on our road map is to replicate what we have just done in an uninterrupted process, which will mark FREYR's initial cell production with the full automation of the CQP."

Shore Capital have reiterated their financial forecasts and 600p/share fair value. Onwards and upwards.

MPAC shares gained 8.2% on the news.

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