FREYR Battery Announces Transformative Acquisition of Trina Solar’s U.S. Manufacturing Assets, Actions to Strengthen Board of Directors and Management Team
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.
FREYR Battery (NYSE: FREY) ha annunciato un accordo per acquisire gli asset di produzione di Trina Solar negli Stati Uniti per 340 milioni di dollari. L'accordo include un impianto di produzione di moduli solari da 5 GW a Wilmer, Texas, che ha iniziato la produzione a novembre 2024. La transazione comprende componenti in contante, note di prestito e partecipazioni azionarie, inclusa una quota del 9,9% delle azioni comuni di FREYR.
FREYR prevede di sviluppare un ulteriore impianto di produzione di celle solari da 5 GW negli Stati Uniti, con l'obiettivo di avviare la produzione nella seconda metà del 2026. L'azienda fornisce una guida EBITDA per il 2025 di 75-125 milioni di dollari, aspettandosi di raggiungere un tasso annuale completo di 175-225 milioni di dollari entro la fine del 2025. Daniel Barcelo è stato nominato CEO, mentre il cofondatore Tom Einar Jensen guiderà FREYR Europa.
FREYR Battery (NYSE: FREY) ha anunciado un acuerdo para adquirir los activos de fabricación de Trina Solar en EE.UU. por 340 millones de dólares. El acuerdo incluye una instalación de módulos solares de 5 GW en Wilmer, Texas, que comenzó la producción en noviembre de 2024. La transacción combina componentes de efectivo, notas de préstamo y capital, incluyendo el 9.9% de las acciones comunes en circulación de FREYR.
FREYR planea desarrollar una instalación adicional de fabricación de células solares de 5 GW en EE.UU., con el objetivo de comenzar la producción en la segunda mitad de 2026. La compañía proporciona una guía de EBITDA para 2025 de 75-125 millones de dólares, esperando alcanzar una tasa anual completa de 175-225 millones de dólares para finales de 2025. Daniel Barcelo ha sido nombrado CEO, mientras que el cofundador Tom Einar Jensen liderará FREYR Europa.
FREYR Battery (NYSE: FREY)는 Trina Solar의 미국 제조 자산을 3억 4천만 달러에 인수하기로 합의했다고 발표했습니다. 이 거래에는 2024년 11월에 생산을 시작한 텍사스주 윌머에 있는 5GW 태양광 모듈 시설이 포함되어 있습니다. 이 거래는 현금, 대출 노트 및 자본 구성 요소를 결합하여 FREYR의 유통 보통주 9.9%를 포함합니다.
FREYR는 미국 내에서 추가적으로 5GW 태양 전지 제조 시설을 개발할 계획이며, 2026년 하반기 생산 시작을 목표로 하고 있습니다. 이 회사는 2025년 EBITDA 가이던스를 7천5백만~1억2천5백만 달러로 제공하며, 2025년 말까지 연간 1억7천5백만~2억2천5백만 달러에 도달할 것으로 기대하고 있습니다. Daniel Barcelo가 CEO로 임명되었으며, 공동 창립자인 Tom Einar Jensen이 FREYR 유럽을 이끌게 됩니다.
FREYR Battery (NYSE: FREY) a annoncé un accord pour acquérir les actifs de fabrication de Trina Solar aux États-Unis pour 340 millions de dollars. L'accord comprend une installation de modules solaires de 5 GW à Wilmer, au Texas, qui a débuté sa production en novembre 2024. La transaction combine des éléments en espèces, des bons de prêt et des actions, y compris 9,9 % des actions ordinaires en circulation de FREYR.
FREYR prévoit de développer une installation supplémentaire de fabrication de cellules solaires de 5 GW aux États-Unis, visant à commencer la production dans la seconde moitié de 2026. L'entreprise prévoit un EBITDA de 75 à 125 millions de dollars pour 2025, s'attendant à atteindre un taux de vente annuel de 175 à 225 millions de dollars d'ici la fin de 2025. Daniel Barcelo a été nommé PDG, tandis que le cofondateur Tom Einar Jensen dirigera FREYR Europe.
FREYR Battery (NYSE: FREY) hat eine Vereinbarung zur Übernahme der US-Fertigungskapazitäten von Trina Solar für 340 Millionen Dollar bekannt gegeben. Der Deal umfasst eine 5 GW Solarmodul-Anlage in Wilmer, Texas, die im November 2024 mit der Produktion begonnen hat. Die Transaktion kombiniert Barzahlung, Darlehensanleihen und Eigenkapitalbestandteile, einschließlich 9,9% der ausstehenden Stammaktien von FREYR.
FREYR plant, eine weitere 5GW Solarzellenfertigungsanlage in den USA zu entwickeln, mit dem Ziel, die Produktion in der zweiten Hälfte von 2026 zu starten. Das Unternehmen gibt eine EBITDA-Prognose von 75-125 Millionen Dollar für 2025 aus, mit der Erwartung, bis Ende 2025 eine Jahresrate von 175-225 Millionen Dollar zu erreichen. Daniel Barcelo wurde zum CEO ernannt, während Mitbegründer Tom Einar Jensen FREYR Europa leiten wird.
- Acquisition of 5 GW solar module facility with 30% production backed by firm U.S. customer contracts
- 2025 EBITDA guidance of $75-125 million with expected run rate of $175-225 million
- Secured $100 million preferred stock commitment from Encompass Capital
- Additional $14.8 million secured through private placement
- Potential creation of 1,800 direct jobs
- Significant acquisition cost of $340 million
- Substantial shareholder dilution through 9.9% immediate stock issuance plus potential 11.5% additional
- Termination of SemiSold technology license with 24M
- European operations being restructured for potential monetization
Insights
This transformative
The additional
The acquisition of a turnkey 1.35 million square foot facility that's already operational significantly accelerates FREYR's manufacturing timeline. The planned vertical integration with a new 5GW solar cell facility creates a complete supply chain solution, addressing critical U.S. market needs. The facility's recent production start and planned ramp-up to full capacity by 2025 presents realistic timelines.
The creation of 1,800 direct jobs and satisfaction of local content requirements positions FREYR advantageously under current U.S. manufacturing incentives. The partnership with Trina Solar, a proven manufacturer, provides access to established supply chains and manufacturing expertise, reducing operational risks.
Highlights
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The transaction is expected to close year end 2024 and creates a leading integrated
U.S. -owned and operated solar technology company with a pathway for value enhancing growth
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FREYR is acquiring 5 GW, 1.35 million square foot solar module manufacturing facility in
Wilmer, Texas that started production on November 1, 2024
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Trina Solar is a global leader in solar and renewable energy industry with an established
U.S. commercial presence, global supply chains, advantaged technology, and a strong track record of manufacturing and project execution forU.S. customers
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FREYR is developing a new 5GW,
U.S. solar cell manufacturing facility; site selection underway and targeting start of production in H2 2026
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FREYR provides 2025 EBITDA guidance of
-$75 . FREYR expects to exit 2025 at full-year run rate EBITDA of$125 million -$175 $225 million
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Total consideration to Trina Solar of
, comprised of$340 million of cash,$100 million repayment of an intercompany loan,$50 million loan note,$150 million 9.9% of FREYR outstanding common stock, and a convertible loan note that would convert into an additional11.5% of FREYR outstanding common stock after certain conditions are satisfied
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Simultaneously, FREYR has secured a
commitment for the issuance of preferred stock issuance to Encompass Capital Advisors LLC and$100 million through a private placement of FREYR common stock$14.8 million
- Daniel Barcelo, FREYR’s Chairman of the Board of Directors (the “Board”), assumes role of Chief Executive Officer of FREYR with immediate effect and Evan Calio will remain Chief Financial Officer. Subject to closing of the transaction, Mingxing Lin will be appointed Chief Strategy Officer and Dave Gustafson will be appointed Chief Operating Officer; while Peter del Vecchio will be joining as Interim Chief Legal Officer with immediate effect
- Co-founder Tom Einar Jensen appointed CEO of FREYR Europe and will oversee value optimization of European assets
- New CEO Daniel Barcelo to remain Chairman of the Board of Directors; W. Richard Anderson appointed to FREYR’s Board; Incoming Chief Strategy Officer Mingxing Lin has been selected as a Board nominee subject to closing of the transaction; Tom Einar Jensen to step down from the Board
Under the terms of the agreement, FREYR will acquire Trina Solar’s 5 GW solar module manufacturing facility in
Upon closing of the transaction, FREYR will execute a multi-phase strategic plan to establish a vertically integrated
“We are pleased to announce this transformative transaction, which will immediately position the Company as one of the leading solar manufacturing companies in the
Transaction details
Under the terms of the transaction agreement at closing, the total consideration to Trina Solar will consist of
Changes to strengthen FREYR’s management team and Board of Directors
Daniel Barcelo, FREYR’s current Chairman of the Board, has been appointed Chief Executive Officer. Tom Einar Jensen, FREYR’s co-founder, will assume the role of CEO of FREYR Europe and will oversee the optimization and monetization of FREYR’s European portfolio. Mr. Jensen is stepping down from FREYR’s Board of Directors to focus on FREYR’s European portfolio. All these changes are effective immediately.
Joining FREYR upon closing will be Mingxing Lin, who has been appointed the Company’s Chief Strategy Officer, and Dave Gustafson, who has been appointed Chief Operating Officer. Mr. Lin and Mr. Gustafson bring decades of collective experience in multinational company management and the solar industry. Mr. Lin has been appointed a nominee to FREYR’s Board of Directors subject to closing of the transaction.
W. Richard Anderson has been appointed to FREYR’s Board, effective immediately. Mr. Anderson is currently the Chief Executive Officer of Coastline Exploration Ltd., and he brings more than 25 years of leadership experience in the global energy industry and more than 15 years as a board member of public and private energy companies to FREYR.
FREYR provides financial and operational guidance
In anticipation of the closing of the transaction and the start of solar module production at the
FREYR European assets
FREYR is implementing a value optimization and monetization initiative in
The Company has terminated its SemiSoldTM technology license with 24M Technologies (“24M”). Pursuant to the termination of the 24M license agreement, FREYR has no remaining financial obligations to 24M and no longer holds any equity ownership interest in 24M.
Presentation of Transaction Highlights
A presentation will be held today, November 6, 2025, at 8:00 am EDT to discuss the transaction. The presentation materials will be available for download at https://ir.freyrbattery.com.
To access the conference call, listeners should contact the conference call operator at the appropriate number listed below approximately 10 minutes prior to the start of the call.
Participant conference call dial-in numbers:
Conference ID 1923230
Transaction advisors
Santander served as financial advisor, Skadden, Arps, Slate, Meagher & Flom (
Cautionary Statement Concerning Forward-Looking Statements
All statements, other than statements of present or historical fact included in this presentation, including, without limitation, FREYR Battery, Inc.’s, a
These forward-looking statements involve significant risks and uncertainties that could cause the actual results to differ materially from the expected results. Factors that may cause such differences include, but are not limited to: (1) the occurrence of any event, change or other circumstances that could give rise to the termination of the transaction agreement or could otherwise cause the transaction to fail to close; (2) the outcome of any legal proceedings that may be instituted against the Company following the announcement of the transaction; (3) the inability to complete the transaction, including due to failure to satisfy conditions to closing of the transaction; (4) any failure to obtain lender’s consent with respect to project finance prior to closing; (5) any material liabilities identified post-signing that may lead to the termination of the transaction agreement; (6) the risk that the transaction disrupts current plans and operations as a result of the announcement and consummation of the transaction; (7) the ability to recognize the anticipated benefits of the transaction; (8) costs related to the transaction; (9) changes in applicable laws or regulations; (10) the possibility that the Company may be adversely affected by other economic, business, and/or competitive factors; (11) any material modifications or repeal of the
FREYR intends to use its website as a channel of distribution to disclose information which may be of interest or material to investors and to communicate with investors and the public. Such disclosures will be included on FREYR’s website in the ‘Investor Relations’ sections. FREYR also intends to use certain social media channels, including, but not limited to, Twitter and LinkedIn, as means of communicating with the public and investors about FREYR, its progress, products and other matters. While not all the information that FREYR posts to its digital platforms may be deemed to be of a material nature, some information may be. As a result, FREYR encourages investors and others interested to review the information that it posts and to monitor such portions of FREYR’s website and social media channels on a regular basis, in addition to following FREYR’s press releases, SEC filings, and public conference calls and webcasts. The contents of FREYR’s website and other social media channels shall not be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended.
View source version on businesswire.com: https://www.businesswire.com/news/home/20241105395960/en/
Investor contact:
Jeffrey Spittel
Senior Vice President, Investor Relations and Corporate Development
jeffrey.spittel@freyrbattery.com
Tel: (+1) 409 599-5706
Media contact:
Amy Jaick
Global Head of Communications
amy.jaick@freyrbattery.com
Tel: (+1) 973 713-5585
Source: FREYR Battery
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