Honeywell (NASDAQ:HON) and Freyr Battery (NYSE:FREY) sign an agreement to provide smart energy storage solutions for a range of commercial and industrial customers through next-generation battery cells; financial terms are not disclosed.
As part of the deal, Honeywell will buy 19 GWh of battery cells produced by Freyr during 2023-30 for a multitude of energy storage systems applications.
Freyr, +9.7% pre-market, says it will use Honeywell's technology, including integrated automation, field instrumentation and security integration to provide manufacturing capacity at scale in Europe and the U.S.