(Bloomberg) -- Two companies with a stake in the fast-growing energy storage business — Freyr Battery SA and Honeywell International Inc. — have reached an agreement to supply each other, with Honeywell buying battery cells while selling manufacturing technology to the Norwegian startup.

Honeywell will buy 19 gigawatt-hours of Freyr’s battery cells from 2023 through 2030, according to an emailed statement. Financial terms were not disclosed. Honeywell will use the cells in a variety of commercial and industrial applications, including large-scale batteries used to back up wind and solar power to stabilize the electric grid. 

Freyr, which started trading last year on the New York Stock Exchange, is building its first lithium-ion battery factory in Norway and has also announced plans for production in Finland and the U.S. Freyr intends to use Honeywell technology, potentially including automation and security systems, in its factories.

"The mutual agreement strengthens both parties’ interests in going further and moving faster,’’ Freyr Chief Executive Officer Tom Jensen said in an interview. 

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