SIVA fuels Frier Vest's site development with 100MNOK

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The governmental enterprise SIVA is stepping forward to grant a substantial loan of 100 MNOK to Frier Vest Holding AS. Financial support aimed to advance the development of the site where Vianode is set to produce essential materials for battery manufacturing.

CEO of SIVA, Jan Morten Ertsaas, states that they are looking forward to be involved as owners of Frier Vest, and that SIVA clearly aim to convert this short-term loan into ownership as quickly as possible.

SIVA is a governmental enterprise that develops, owns, and finances a national infrastructure for innovation and business development, including incubators, business parks, catapult centers, innovation companies, as well as innovation and industrial buildings.

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Additional Owners

The decision made in the extraordinary municipal council meeting on Monday also suggests that there may be several new owners on the way to participate in the development of the industrial area;

"According to the strategy for Frier Vest Holding AS, the company is to seek strategic owners who can contribute to the further development of Frier Vest. SIVA, which is now offering financing of 100 MNOK, which may be converted into equity in the company, is a state industrial growth company that is 100 percent owned by the Ministry of Trade, Industry, and Fisheries. This state-owned company wants to contribute to the financing of Frier Vest. If the loan is converted into equity in Frier Vest Holding, it will strengthen the company, and such ownership will be in line with the strategy of Frier Vest."

Ertsaas confirms that they envision more owners joining the company;

"We find Frier Vest a very exciting project, as we have said, and we are happy to be part of it. We also see the need to involve more owners with a desire for industrial development in the process, and we are in close dialogue with such parties," Ertsaas says.

About Frier Vest

Frier Vest is a major industrial site under development covering 700 hectares in the heart of the Grenland industrial region. There are few if any alternative sites of similar size, and with such close and easy access to port facilities and shipping routes, in the vicinity of the Oslofjord.

As well as large sites, Frier Vest will offer access to industrial infrastructure such as supplies of coolant, process water and renewable electric power. The region’s ports offer established shipping links to the Netherlands, Belgium, Germany, the UK, Sweden and Denmark, and the E18 highway is just a short drive away.

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