The companies have signed an MOU covering joint research and development (R&D) projects that will "adjust the quality, shape or form" of Glencore's raw materials.

The agreement also covers blockchain technology, potential battery recycling, as well as collaboration on standards and traceability schemes for artisanal cobalt mining.

The metals will be used in FREYR's lithium-ion battery cells to be produced at the company's planned facilities in Mo i Rana, Norway.

"We are pleased to formalise our cooperation with Glencore and strengthen FREYRs sustainable raw materials supply chain", said Tom Jensen, chief executive of FREYR.

Anna Krutikov, Head of Sustainable Development at Glencore, added, "We are excited to be partnering with the leading innovator in its field as we look to realise our ambition of net-zero emissions by 2050."