FREYR Battery Rebrands as T1 Energy

Rhea-AI Summary

FREYR Battery (NYSE: FREY) announces its strategic rebranding as T1 Energy Inc., including a new corporate logo and upcoming ticker symbol change to 'TE' on the NYSE, effective March 3, 2025. The company, now headquartered in Austin, Texas, aims to become a vertically integrated U.S. solar and battery storage leader.

The company's G1 Dallas solar module facility in Wilmer, Texas currently employs over 1,000 people and is ramping up production as scheduled. Site selection for their planned U.S. solar cell manufacturing facility (G2) is expected in Q1 2025, with construction targeted for mid-2025. The rebranding reflects T1's commitment to developing domestic supply chains and manufacturing capacity for solar resources, particularly as solar and batteries represented more than 80% of new U.S. electricity capacity in 2024.

Positive

• Employs over 1,000 people at G1 Dallas facility
• Solar module production ramp proceeding on schedule
• Strategic positioning in high-growth sector (80% of new U.S. electricity capacity in 2024 was solar and batteries)

Negative

• None.

Insights

Corporate Strategy Analyst

The strategic metamorphosis of FREYR Battery into T1 Energy represents a bold pivot that fundamentally transforms the company's business model and market positioning. This is not merely a cosmetic rebranding but a complete strategic overhaul with three critical dimensions:

Strategic Repositioning: The shift from a pure battery manufacturer to an integrated solar + storage provider is particularly timely, given that 80% of new U.S. electricity capacity in 2024 came from solar and batteries. This positions T1 to capture value across the entire supply chain, potentially improving margins and reducing dependency on single-product market dynamics.

Manufacturing Footprint: The company's G1 Dallas facility, with its 1,000+ workforce, demonstrates significant progress in establishing U.S. manufacturing capabilities. The planned G2 solar cell facility represents a important vertical integration step, potentially reducing supply chain vulnerabilities and qualifying for additional IRA benefits.

Market Opportunity: T1's focus on supporting AI, data centers, and industrial reshoring aligns with major macro trends driving energy demand. The company is positioning itself at the intersection of two critical growth sectors: renewable energy and digital infrastructure. This strategic alignment could create substantial long-term value, provided execution challenges are successfully navigated.

However, this transformation carries significant execution risks. The company must simultaneously manage the operational complexities of solar manufacturing while developing battery storage capabilities - a challenging undertaking that will require substantial capital investment and technical expertise. The success of this pivot will largely depend on T1's ability to efficiently allocate capital, maintain technological competitiveness, and effectively integrate these complementary business segments.

AUSTIN, Texas & NEW YORK--(BUSINESS WIRE)-- FREYR Battery (NYSE: FREY) (or the “Company”) is unveiling a strategic rebranding of the Company as T1 Energy Inc. (“T1”). This comprehensive rebrand includes a new company name, corporate logo, a fresh visual identity, and a forthcoming ticker symbol change to “TE” on the New York Stock Exchange. The T1 brand represents the Company’s commitment to becoming a vertically integrated U.S. solar + battery storage leader from its new corporate headquarters in Austin, Texas.

“The rebirth of our company as T1 Energy is about American energy, jobs, and advanced manufacturing. The U.S. needs domestic supply chains and manufacturing capacity to harness its abundant solar resources. T1 is committed to building that capacity,” commented Daniel Barcelo, T1’s Chairman of the Board and Chief Executive Officer. “More than 80% of new U.S. electricity capacity in 2024 was solar and batteries. T1 plans to lead in the solar and battery markets by enabling the growth in energy supply required to support AI, data centers, reshoring, and electrification - to restore American industrial capacity and leadership in future advanced industries.”

T1’s teams continue to execute the Company’s strategic plan in accordance with the timelines communicated in T1’s Q4 2024 transaction announcement. T1’s solar module production facility in Wilmer, Texas, renamed “G1 Dallas,” now employs more than 1,000 people, and the production ramp of solar modules is proceeding on schedule. Concurrently, site selection for T1’s planned U.S. solar cell manufacturing facility, which will be named “G2”, is progressing to anticipated site selection in Q1 2025 with the start of construction still targeted for mid-year 2025.

In connection with the change of the Company name to “T1 Energy Inc.”, which became effective on February 19, 2025, the Company expects that effective as of the open of business on March 3, 2025, its common stock and warrants, which trade on the New York Stock Exchange, will cease trading under the ticker symbols “FREY” and “FREY WS”, respectively, and commence trading under the ticker symbols “TE” and “TE WS”.

About T1 Energy

T1 Energy Inc. (NYSE: FREY) is an energy solutions provider building an integrated U.S. supply chain for solar and batteries. In December 2024, T1 completed a transformative transaction, positioning the Company as one of the leading solar manufacturing companies in the U.S., with a complementary solar and battery storage strategy. Based in the U.S. with plans to expand its operations in America, the Company is also exploring value optimization opportunities across its portfolio of assets in Europe.

To learn more about T1, please visit www.T1energy.com and follow on social media.

Cautionary Statement Concerning Forward-Looking Statements:

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements contained in this press release that do not relate to matters of historical fact should be considered forward-looking statements, including without limitation with respect to the Company’s operational performance and profitability (including its strategic objective to become a vertically integrated U.S. solar + storage leader), the delivery of clean, reliable energy at scale, creation of American jobs and bettering the U.S. communities in which we work, the timing of production ramp of solar modules, progress on site selection and anticipated construction for G2 and the change of the ticker symbols. These forward-looking statements are based on management’s current expectations. These statements are neither promises nor guarantees, but involve known and unknown risks, uncertainties and other important factors that may cause actual future events, results, or achievements to be materially different from the Company’s expectations and projections expressed or implied by the forward-looking statements. Important factors include, but are not limited to, those discussed under the caption “Risk Factors” in (i) FREYR Battery, Inc.’s post-effective amendment no. 1 to the Registration Statement on Form S-3 filed with the Securities and Exchange Commission (the “SEC”) on January 4, 2024, (ii) FREYR Battery, Inc.’s Registration Statement on Form S-4 filed with the SEC on September 8, 2023 and subsequent amendments thereto filed on October 13, 2023, October 19, 2023 and October 31, 2023, and (iii) FREYR Battery, Inc.’s annual report on Form 10-K filed with the SEC on February 29, 2024, and FREYR Battery, Inc.’s quarterly reports on Form 10-Q filed with the SEC on May 8, August 9 and November 12, 2024, and available on the SEC’s website at www.sec.gov. Forward-looking statements speak only as of the date of this press release and are based on information available to the Company as of the date of this press release, and the Company assumes no obligation to update such forward-looking statements, all of which are expressly qualified by the statements in this section, whether as a result of new information, future events or otherwise, except as required by law.

T1 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 T1’s website in the ‘Investor Relations’ sections. T1 also intends to use certain social media channels, including, but not limited to, X and LinkedIn, as means of communicating with the public and investors about T1, its progress, products, and other matters. While not all the information that T1 posts to its digital platforms may be deemed to be of a material nature, some information may be. As a result, T1 encourages investors and others interested to review the information that it posts and to monitor such portions of T1’s website and social media channels on a regular basis, in addition to following T1’s press releases, SEC filings, and public conference calls and webcasts. The contents of T1’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/20250219161823/en/

Investor contact:

Jeffrey Spittel

EVP, Investor Relations and Corporate Development

jeffrey.spittel@T1energy.com

Tel: +1 409 599-5706

Media contact:

Amy Jaick

SVP, Communications

amy.jaick@T1energy.com

Tel: +1 973 713-5585

Source: T1 Energy

FAQ

When will FREY stock ticker change to TE?

FREY stock ticker will change to TE on March 3, 2025, at the open of business on the New York Stock Exchange.

What is the timeline for T1 Energy's G2 solar cell manufacturing facility?

Site selection for the G2 facility is expected in Q1 2025, with construction planned to begin in mid-2025.

How many employees does T1 Energy (formerly FREY) have at its G1 Dallas facility?

T1 Energy employs more than 1,000 people at its G1 Dallas solar module production facility in Wilmer, Texas.

What is the strategic focus of FREY's rebranding to T1 Energy?

The rebranding reflects the company's focus on becoming a vertically integrated U.S. solar and battery storage leader, emphasizing domestic supply chains and manufacturing capacity.