Welcome to our dedicated page for FREYR Battery news (Ticker: FREY), a resource for investors and traders seeking the latest updates and insights on FREYR Battery stock.
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) has filed its 2022 Annual Report on Form 10-K with the SEC, detailing its operations for the year ending December 31, 2022. The report and the accompanying audited financial statements can be accessed via the SEC's website or FREYR's corporate site. The company is focused on developing clean battery solutions to help reduce global emissions and is building a factory in Mo i Rana, Norway, with plans for additional production in the U.S. and Finland. FREYR targets a minimum of 50 GWh of battery cell capacity by 2025, with ambitious plans to increase to 200 GWh by 2030.
FREYR Battery (NYSE: FREY) reported its financial results for Q4 and full year 2022, showcasing a net income of $25.3 million, driven by a non-cash gain on warrant liability adjustments. The Company is set to start operations at its Customer Qualification Plant (CQP) on March 28, 2023, following successful factory acceptance tests. FREYR also announced a new offtake agreement with Impact to supply LFP-based battery cells from 2025-2030. The establishment of a joint venture with Nidec aims to develop integrated battery storage solutions. Furthermore, the Giga America project in Georgia is advancing, targeting a 2025 production start with significant local incentives.
FREYR Battery (NYSE: FREY) will announce its fourth quarter and full year 2022 results on February 27, 2023, at 6:00 AM EST. A conference call will follow at 7:30 AM EST, accessible via U.S. and international dial-in numbers. FREYR is focused on developing clean battery cell production to aid in global decarbonization efforts. The company is building its first factory in Norway and plans to expand its capacity significantly, aiming for 50 GWh by 2025, 100 GWh by 2028, and 200 GWh by 2030. Further details can be found in their upcoming press release.
FREYR Battery (NYSE: FREY) has signed a conditional offtake agreement with Impact Clean Power Technology, securing the supply of 10-14 GWh of battery cells from 2025 to 2030. This partnership aims to produce lithium iron phosphate (LFP) cells for E-Mobility products, marking FREYR's first commercial agreement in this area. The agreement expands FREYR's total offtake agreements to over 130 GWh, supporting a growing demand for batteries in Europe and the U.S. The deal carries a potential value of $1.8 billion based on lithium price forecasts.
FREYR Battery (NYSE: FREY) has appointed Jason Forcier and Dr. Dan Steingart as independent directors to its Board, effective December 21, 2022, and January 9, 2023, respectively. These appointments follow the resignations of Jon Christian Thaulow and Jeremy Bezdek. Dr. Steingart, a Columbia University professor, brings expertise in electrochemical energy, while Forcier has extensive experience in lithium-ion battery production. Both appointments aim to strengthen FREYR's leadership as it advances its clean battery manufacturing goals.
FREYR Battery (NYSE: FREY) has appointed Jeremy Bezdek as Executive Vice President of Global Corporate Development and President for FREYR Battery U.S. This leadership change is aimed to enhance the company's acceleration of the Giga America project, significantly influenced by the Inflation Reduction Act. Bezdek, formerly at Koch Industries, brings over 26 years of experience in the energy sector. FREYR is also expanding its battery manufacturing capabilities in Georgia and exploring clean power supply solutions to support the project's growth.
FREYR Battery (NYSE: FREY) has appointed Tor Stendahl as Managing Director for FREYR Battery Finland Oy, emphasizing strategic leadership in its Finnish operations. Stendahl brings extensive industrial experience from BASF, enhancing FREYR's development in Finland. The company has also secured a temporary lease of 1.3 million square meters in Vaasa, a key area for future initiatives. FREYR aims to install 50 GWh of battery capacity by 2025, ultimately reaching 200 GWh by 2030, underlining its commitment to clean energy solutions.
FREYR Battery (NYSE: FREY) and Nidec Corporation have formed a joint venture named Nidec Energy AS, targeting the development of integrated battery energy storage solutions. Mass production is set to start in 2025, aiming for over 8 GWh annual capacity by 2027 and 12 GWh by 2030. The joint venture will invest over $127 million by 2030 and create over 300 jobs in Norway. Preliminary testing of battery cells indicates strong performance metrics, including top energy density and high thermal stability, supporting future production. This partnership enhances FREYR's commitment to sustainable energy storage.
FREYR Battery (NYSE: FREY) has completed an underwritten public offering of 23 million ordinary shares, raising approximately $264.5 million at a price of $11.50 per share. The offering closed on December 5, 2022, following the full exercise of a green shoe option by underwriters. The net proceeds will primarily fund the construction of Giga Arctic facilities, development of Giga America, and general corporate purposes. Key underwriters included Credit Suisse, BofA Securities, and Morgan Stanley.
FREYR Battery (NYSE: FREY) has announced the pricing of its upsized public offering of 20 million Ordinary Shares at $11.50 each, expected to raise approximately $230 million before expenses. The underwriters have an option to purchase an additional 3 million shares. Proceeds will be allocated to the ongoing construction of the Giga Arctic facilities, development of Giga America, and general corporate purposes. The offering is set to close on December 5, 2022, pending standard conditions.
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