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FREYR Battery, Inc. (symbol: FREY) is a forward-thinking company headquartered in Norway, dedicated to producing clean and sustainable battery solutions. As an emerging leader in the lithium-ion battery industry, FREYR Battery is developing a combined 32+2 GWh lithium-ion battery facility and a 600 MW onshore wind park in the Rana and Nesna municipalities in Norway. These projects highlight the company's commitment to leveraging renewable energy sources to power its operations.
The company's primary focus is to cater to the burgeoning electric vehicle (EV) market in Europe, aiming to provide high-density and cost-effective battery solutions with a reduced carbon footprint. In addition to EVs, FREYR Battery's products are designed for various applications, including marine, stationary energy storage, short-haul aviation, and offshore segments. The company collaborates with leading Norwegian and European institutions and companies through cluster-based R&D initiatives to innovate and enhance its product offerings.
FREYR Battery's strategic projects and partnerships underscore its commitment to sustainability and innovation. By combining renewable energy with advanced battery technology, the company is poised to contribute significantly to the global transition towards cleaner energy solutions.
FREYR Battery (NYSE: FREY) reported Q3 2024 financial results with a net loss of $(27.5) million, or $(0.20) per diluted share, compared to a net loss of $(9.8) million or $(0.07) per share in Q3 2023. The increased loss was primarily due to a $1.1 million warrant liability fair value adjustment and a $4.5 million restructuring charge. As of September 30, 2024, the company maintained a strong balance sheet with $184.1 million in cash, cash equivalents, and restricted cash, with no debt.
FREYR Battery (NYSE: FREY) has announced an agreement to acquire Trina Solar's U.S. manufacturing assets for $340 million. The deal includes a 5 GW solar module facility in Wilmer, Texas that began production in November 2024. The transaction combines cash, loan notes, and equity components, including 9.9% of FREYR's outstanding common stock.
FREYR plans to develop an additional 5GW solar cell manufacturing facility in the U.S., targeting production start in H2 2026. The company provides 2025 EBITDA guidance of $75-125 million, expecting to reach a full-year run rate of $175-225 million by end of 2025. Daniel Barcelo has been appointed CEO, while co-founder Tom Einar Jensen will lead FREYR Europe.
Battery X Metals announced significant progress in developing eco-friendly lithium-ion battery material recovery technology in partnership with a Global Top 20 University. Their proprietary froth flotation process showed promising results in recovering battery-grade materials from black mass, with initial tests achieving approximately 45% graphite separation. Multi-stage flotation protocols demonstrated more efficient material separation than single-stage methods. The company plans to pursue provisional patents and aims to license this technology to battery recyclers, adopting a low-capex, scalable business model.
FREYR Battery has been selected by the European Union Innovation Fund for a €122 million grant award to support its potential joint venture Cathode Active Material (CAM) manufacturing project in Vaasa, Finland. The project aims to develop an industrial-scale LFP CAM facility with an initial nameplate capacity of 30,000 tons per year. The grant award's formal finalization is expected during the first quarter of 2025, subject to various criteria. While FREYR focuses on U.S. development, it continues exploring opportunities to unlock shareholder value from assets and projects in Norway and Europe.
FREYR Battery (NYSE: FREY) reported Q2 2024 results, focusing on achieving first revenues and EBITDA by 2025. Key points include:
1. Prioritizing conventional technology and less capital-intensive opportunities for faster commercialization.
2. Reducing cash burn to extend liquidity runway to 36 months.
3. Exploring inorganic growth opportunities.
4. Maintaining long-term focus on 24M SemiSolid™ platform.
5. Reported net loss of $(27.0) million, or $(0.19) per diluted share.
6. Cash, cash equivalents, and restricted cash of $221.5 million, with no debt.
The company's new leadership is committed to accelerating the path to profitability while preserving balance sheet strength.
FREYR Battery (NYSE: FREY) has announced its schedule for the second quarter 2024 earnings release and conference call. The company, which develops next-generation battery cell production capacity, will publish a press release detailing Q2 2024 results on August 9, 2024, at 6:00 am U.S. Daylight Time. A conference call is scheduled for 8:30 am Eastern Daylight Time on the same day.
Participants can join the call using various international dial-in numbers provided. The participant passcode for the call is 4087726. Additionally, a webcast of the conference call will be available for listening at a specified URL. A replay of the webcast will be accessible on FREYR's investor relations website.
FREYR Battery has successfully completed its first production trial of manufacturing chargeable unit cells using automated processes at its Customer Qualification Plant (CQP) in Mo i Rana, Norway. This milestone makes FREYR the first to complete automated production trials on the second-generation SemiSolidTM platform. The trials, conducted on June 20th, produced multiple unit cells with promising characteristics. The company aims to enhance the technical and economic competitiveness of its battery technology while finalizing various commercial agreements in North America and Europe.
FREYR Battery announced significant leadership changes to support its strategic focus on accelerating its path to profitability. Co-Founder Tom Jensen returns as CEO, Director Daniel Barcelo becomes Chair of the Board, and Evan Calio is appointed CFO. These changes align with FREYR's shift towards the U.S. market and key initiatives to drive revenue and profitability. Outgoing CEO Birger Steen and CFO Oscar Brown will stay briefly to ensure smooth transitions. The new management aims to capitalize on U.S. market opportunities, advance 24M SemiSolidTM technology, and finalize a partnership with an established cell producer.
FREYR Battery has successfully completed its first production trial of unit cells at its Customer Qualification Plant (CQP) in Mo i Rana, Norway. This milestone demonstrates the functionality of giga-scale production line equipment for the second generation of the 24M Technologies SemiSolid™ platform, making FREYR the first company globally to achieve this. The CQP team now aims to produce unit cells using fully automated processes and plans to manufacture multi-layer pouch battery cells by Q2 2024. The trial was facilitated by the integration of casting webs across cathode, anode, and merge units. This achievement positions FREYR as a leading partner for advanced lithium-ion battery production technologies.
FREYR Battery (NYSE: FREY), a developer of next-generation clean battery cell production capacity, announced its participation in TD Cowen’s 2nd Annual Sustainability Week virtual conference. The event will take place on Wednesday, May 22, 2024. FREYR's Co-founder and Executive Chair, Tom Einar Jensen, will join a fireside chat at 3:45 pm EDT to discuss the company's advancements and industry trends.
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