Freyr, with the intention of establishing battery industry in Norway by producing battery cells, was founded in 2018 and raised seven billion kroner in equity from private investors with a listing on the New York Stock Exchange in 2021. The following year, the Norwegian government indicated support for Freyr of four billion kroner. Freyr was held as a frontrunner in the green shift in Norway. By 2023, Freyr had become a controversial company with industrial plans in the USA, while all plans for industry in Norway were shelved. How can Freyr’s steep rise and fall be explained?
Freyr's rise was never a given and took quite a sudden surge only in 2020. The values in Freyr that contributed to this rise were largely tied to its location in Norway and Freyr's people and networks. Freyr's positioning in Norway’s—and one of Europe's—cheapest energy zone was a tangible comparative advantage compared to other European battery cell initiatives. Otherwise, much of Freyr's rise dealt with belief in the project and expectations: expectations that the involved individuals and networks would deliver what they had projected; that the unconventional battery cell technology supplier would be suitable on an industrial scale; and expectations of some form of financial support from the Norwegian state.
Freyr’s fall was complex but can be summarized as a fundamental problem along with a complicating element. The fundamental problem was the underestimation of China, which became more apparent over time in the first half of the 2020s. All European players—not just Freyr—had underestimated how feasible it would be to establish and compete against China's dominance, in terms of cost advantage, but also operationally. The complicating element was Freyr’s lack of its own technology platform and reliance on a good technology supplier, but the fundamental problem would have been decisive regardless.
Trial lecture
Designated topic: The Rise of China in the Global Battery Industry in the 21st Century.
Øyvind Haug Nordbotten successfully defended his dissertation on 4 December 2025.
Evaluation committee
- Lecturer Marten Boon, Utrecht University (first opponent)
- Associate senior lecturer Kristoffer Ekberg, Lund Universitet (second opponent)
- Professor Ada Nissen, University of Oslo (committee administrator)
Chair of the defence
Supervisors
- Professor Einar Lie, University of Oslo
- Professor Ingunn Elvekrok, Høyskolen Kristiania