Plans for nearly $2.6B FREYR Battery plant in Coweta County nixed

COWETA COUNTY, Ga. - A planned nearly $2.6 billion lithium-ion battery plant will not be coming to Coweta County after all. 

FREYR Battery, in a letter to county leaders last month, said it plans to exercise its option to pull out of the planned $2.57 billion plant, which would have brought 723 new jobs to the Peach State. 

What they're saying:

The letter outlined the reason the company planned to exit the deal announced in November 2022.

"This decision was made reluctantly, as the Company has realigned its near-term strategic goals," the letter to the Coweta County Development Authority dated on Jan. 21 stated. "As the Company has relayed many times before, the Authority, Coweta County, and the State of Georgia have provided extraordinary assistance and support to the Company," the letter continues. "This decision in no way reflects any concern with the support from our State of Georgia and local partners, each of whom has provided stellar support and guidance. Georgia is a great state to do business, and FREYR would be an advocate based on their positive engagements."

Dig deeper:

FREYR Battery, a Norwegian-based clean energy solutions provider named for the Norse deity of fertility, prosperity, and peace, was seeking to hold more of a market in the U.S. within the next 10 years, with the battery factory playing a key role. The company cited rising interest rates, declining battery prices, and changes in corporate leadership as part of the reasons it axed the planned Coweta County plant.