FREYR Battery (FREY) said Thursday it has secured a 122 million euro ($131.7 million) grant from the European Union Innovation Fund to support its potential Cathode Active Materials, CAM, manufacturing project in Vaasa, Finland.

The company said the project aims to produce Lithium Iron Phosphate CAM at an industrial scale, with a capacity of 30,000 tons per year.

The grant award is contingent on meeting specific criteria, with finalization expected in Q1, FREYR said.

Shares of the company were up more than 12% in recent Thursday premarket activity.

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