FREYR Battery Closes Transformative Acquisition of Trina Solar’s U.S. Manufacturing Assets
FREYR Battery (NYSE: FREY) has completed the acquisition of Trina Solar's U.S. manufacturing assets, including a 5 GW solar module facility in Wilmer, Texas. The transaction includes $100 million in cash, $50 million loan repayment, $150 million loan note, 9.9% of FREYR stock, and an $80 million convertible note for additional 11.5% equity.
The facility began production in November 2024 and aims for full production by H2 2025, with 30% of production backed by firm U.S. customer contracts. FREYR projects 2025 EBITDA of $75-125 million, with an exit run rate of $175-225 million. The company plans to construct a 5 GW U.S. solar cell manufacturing plant starting Q2 2025, with production expected in H2 2026, creating up to 1,800 direct jobs.
FREYR Battery (NYSE: FREY) ha completato l'acquisizione degli asset di produzione di Trina Solar negli Stati Uniti, inclusi un impianto di moduli solari da 5 GW a Wilmer, Texas. La transazione include 100 milioni di dollari in contante, il rimborso di un prestito di 50 milioni di dollari, un prestito di 150 milioni di dollari, il 9.9% delle azioni di FREYR e una nota convertibile di 80 milioni di dollari per un ulteriore 11.5% di partecipazione.
L'impianto ha iniziato la produzione a novembre 2024 e punta a raggiungere la piena produzione entro il secondo semestre del 2025, con il 30% della produzione supportata da contratti di clienti statunitensi. FREYR prevede un EBITDA per il 2025 di 75-125 milioni di dollari, con un tasso di uscita di 175-225 milioni di dollari. L'azienda ha in programma di costruire un impianto di produzione di celle solari da 5 GW negli Stati Uniti a partire dal secondo trimestre del 2025, con produzione prevista nel secondo semestre del 2026, creando fino a 1.800 posti di lavoro diretti.
FREYR Battery (NYSE: FREY) ha completado la adquisición de los activos de fabricación de Trina Solar en EE. UU., incluyendo una instalación de módulos solares de 5 GW en Wilmer, Texas. La transacción incluye 100 millones de dólares en efectivo, el reembolso de un préstamo de 50 millones de dólares, un préstamo de 150 millones de dólares, el 9.9% de las acciones de FREYR y un pagaré convertible de 80 millones de dólares para obtener un 11.5% adicional de participación.
La instalación comenzó la producción en noviembre de 2024 y tiene como objetivo alcanzar la plena producción para la segunda mitad de 2025, con el 30% de la producción respaldada por contratos firmes con clientes estadounidenses. FREYR proyecta un EBITDA para 2025 de 75-125 millones de dólares, con una tasa de salida de 175-225 millones de dólares. La empresa planea construir una planta de fabricación de celdas solares de 5 GW en EE. UU. a partir del segundo trimestre de 2025, con producción esperada para la segunda mitad de 2026, creando hasta 1,800 empleos directos.
FREYR Battery (NYSE: FREY)는 미국에서 트리나 솔라의 제조 자산을 인수했습니다. 여기에는 텍사스 주 윌머에 위치한 5 GW 태양광 모듈 시설이 포함됩니다. 이번 거래에는 1억 달러의 현금, 5천만 달러의 대출 상환, 1억 5천만 달러의 대출 노트, FREYR 주식의 9.9%와 추가 11.5%의 지분을 위한 8천만 달러의 전환사채가 포함됩니다.
이 시설은 2024년 11월에 생산을 시작하였으며, 2025년 하반기까지 완전 생산을 목표로 하고 있습니다. 생산량의 30%는 미국 고객 계약에 의해 지원됩니다. FREYR는 2025년 EBITDA가 7천5백만에서 1억2천5백만 달러가 될 것으로 예상하며, 종료 시 연간 수익은 1억7천5백만에서 2억2천5백만 달러에 이를 것으로 보입니다. 회사는 2025년 2분기부터 미국 내 5 GW 태양광 셀 제조 공장을 건설할 계획이며, 2026년 하반기까지 생산이 예상됩니다. 이를 통해 1,800개의 직접 일자리를 창출할 것입니다.
FREYR Battery (NYSE: FREY) a achevé l'acquisition des actifs de fabrication de Trina Solar aux États-Unis, y compris une installation de modules solaires de 5 GW à Wilmer, au Texas. La transaction comprend 100 millions de dollars en espèces, le remboursement d'un prêt de 50 millions de dollars, une note de prêt de 150 millions de dollars, 9,9 % des actions de FREYR et une note convertible de 80 millions de dollars pour une participation supplémentaire de 11,5 %.
L'installation a commencé sa production en novembre 2024 et vise une production complète d'ici le deuxième semestre 2025, avec 30 % de la production soutenue par des contrats clients fermes aux États-Unis. FREYR prévoit un EBITDA de 75 à 125 millions de dollars pour 2025, avec un taux de sortie de 175 à 225 millions de dollars. L'entreprise prévoit de construire une usine de fabrication de cellules solaires de 5 GW aux États-Unis à partir du deuxième trimestre de 2025, avec une production prévue pour le deuxième semestre de 2026, créant jusqu'à 1 800 emplois directs.
FREYR Battery (NYSE: FREY) hat die Übernahme der Produktionsanlagen von Trina Solar in den USA abgeschlossen, einschließlich eines Solarmodulfabriks mit 5 GW in Wilmer, Texas. Die Transaktion umfasst 100 Millionen Dollar in bar, die Rückzahlung eines Darlehens über 50 Millionen Dollar, eine Darlehensnotiz über 150 Millionen Dollar, 9,9% der FREYR-Aktien sowie eine wandelbare Anleihe über 80 Millionen Dollar für eine zusätzliche Beteiligung von 11,5 %.
Die Fabrik hat im November 2024 mit der Produktion begonnen und strebt eine volle Produktionskapazität bis zur zweiten Hälfte von 2025 an, wobei 30% der Produktion durch feste Verträge mit US-Kunden abgesichert sind. FREYR prognostiziert für 2025 ein EBITDA von 75-125 Millionen Dollar, mit einer Ausstiegsrate von 175-225 Millionen Dollar. Das Unternehmen plant den Bau einer 5 GW großen Solarzellenfabrik in den USA, die im 2. Quartal 2025 beginnen soll, mit einer Produktionsaufnahme im 2. Halbjahr 2026, wodurch bis zu 1.800 direkte Arbeitsplätze geschaffen werden.
- Acquisition of operational 5 GW solar module facility with 30% production already contracted
- Projected 2025 EBITDA guidance of $75-125 million
- Expected integrated solar module/cell production annual run rate EBITDA of $650-700 million
- Secured $50 million investment from Encompass Capital with potential additional $50 million
- Significant debt assumption of $235 million related to Wilmer facility
- Substantial equity dilution through 9.9% immediate stock issuance plus potential 11.5% additional
- Large cash outlay and debt commitments totaling over $300 million
- Pending regulatory approvals from CFIUS could impact transaction completion
Insights
This strategic acquisition marks a pivotal transformation for FREYR Battery, positioning it for significant market expansion. The
The 5 GW Wilmer facility, with
The acquisition of Trina's 5 GW solar module facility presents significant operational advantages. Line 1's completion and Line 2's commissioning signal strong execution capability. The planned seven-line facility ramp-up by H2 2025 demonstrates an aggressive but achievable timeline. The integration of Trina's established supply chains and manufacturing expertise minimizes operational risks typically associated with new facility startups.
The planned vertical integration through a new 5 GW solar cell manufacturing facility will create substantial operational synergies. The potential creation of 1,800 direct jobs and satisfaction of local content requirements positions FREYR advantageously under current U.S. manufacturing incentives. The combination of module and cell manufacturing capabilities will provide critical supply chain control and margin enhancement opportunities, particularly valuable given current global supply chain dynamics in the solar sector.
Under the terms of the finalized agreement, FREYR has acquired Trina Solar’s 5 GW solar module manufacturing facility in
Highlights
-
The Transaction creates a commercial and operating platform to establish a leading integrated
U.S. -owned and operated solar and battery storage company with a pathway for value enhancing growth -
The transaction leverages Trina Solar’s global leadership in the solar and the renewable energy industries, established
U.S. commercial presence, global supply chains, advantaged technology, and a strong track record of manufacturing and project execution forU.S. customers -
Total consideration to Trina Solar at closing comprised of
of cash,$100 million repayment of an intercompany loan,$50 million loan note,$150 million 9.9% of FREYR outstanding common stock, and an convertible loan note that would convert into an additional$80 million 11.5% of FREYR outstanding common stock after certain conditions are satisfied; in addition, FREYR acquired in indebtedness in connection with the facility in$235 million Wilmer, Texas -
FREYR reiterates initial 2025 EBITDA guidance of
-$75 . FREYR expects to exit 2025 at full-year run rate EBITDA of$125 million -$175 and integrated solar module/solar cell production annual run rate EBITDA of$225 million -$650 $700 million -
Ramp up activities at the
Wilmer, TX solar module plant continue as scheduled. Line 1 has been completed and the commissioning on Line 2 commenced in November 2024; FREYR expects the seven-line facility to reach full production in H2 2025 -
FREYR intends to submit transaction documentation in Q1 2025 to secure
U.S. regulatory consents from relevant organizations, including the Committee on Foreign Investment inthe United States (CFIUS) -
FREYR received
from Encompass Capital Advisors LLC (“Encompass”) in exchange for the issuance of preferred stock in connection with this closing, and FREYR may receive an additional$50 million from Encompass upon the Company proceeding to start of construction on a solar cell manufacturing facility$50 million -
FREYR is proceeding with its site selection process for a planned
U.S. solar cell facility with a start of construction anticipated in Q2 2025
FREYR is progressing with the implementation of a multi-phase strategic plan to establish a vertically integrated
“Today is an exciting day for FREYR. The closing of this transaction marks the start of a new chapter for the Company as we execute our strategic plan to build a
Transaction details
In accordance with the previously disclosed terms of the transaction agreement, the total consideration to Trina Solar consists of
Transaction advisors
Santander served as financial advisor, Skadden, Arps, Slate, Meagher & Flom (
About FREYR
FREYR (NYSE: FREY) is a clean energy solutions provider building an integrated
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 outcome of any legal proceedings that may be instituted against the Company following the closing of the transaction; (2) the risk that the transaction disrupts current plans and operations as a result of the consummation of the transaction; (3) the ability to recognize the anticipated benefits of the transaction and inability to timely secure regulatory consents related to the transaction; (4) costs related to the transaction; (5) changes in applicable laws or regulations; (6) the possibility that the Company may be adversely affected by other economic, business, and/or competitive factors; (7) any potential risk that the Chinese equity ownership in the Company may impact FREYR’s ability to develop a solar cell facility in 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/20241224327270/en/
Investor contact:
Jeffrey Spittel
Executive 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
FAQ
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