“Battery innovations are not overnight,” said Venkat Srinivasan, director of the Argonne National Laboratory’s Collaborative Center for Energy Storage Science. “The European auto industry doesn’t want to rely too much on imports from Asia in general and China in particular,” he added. Freyr plans to raise $850 million as part of a proposed merger with Alussa Energy Acquisition Corporation, a shell company that sold shares before it had any assets. The company plans to make batteries using technology developed by 24M Technologies in Cambridge, Mass. The first priority for the industry is to make batteries cheaper.

Source: New York Times February 16, 2021 10:00 UTC