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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) plans to publicly offer 13,500,000 Ordinary Shares in an underwritten registered offering, with a 30-day option for underwriters to purchase an additional 2,025,000 shares. Proceeds will support the construction of Giga Arctic facilities, development for Giga America, and general corporate purposes. Credit Suisse, BofA Securities, and Morgan Stanley are managing the offering, which is subject to market conditions. This move aims to enhance FREYR's clean battery production capacity to accelerate decarbonization efforts.
FREYR Battery (NYSE: FREY) reported a net loss of $93.9 million for Q3 2022, widening from a loss of $45.4 million in Q3 2021. The company is developing its Giga America project in Georgia with a $1.7 billion investment and a state incentive package exceeding $410 million. A joint venture with Nidec will supply 38 GWh of LFP battery cells beginning in 2025. Financially, FREYR had cash reserves of $418.6 million as of September 30, 2022. The company is working to finalize project financing for Giga Arctic and progress sample cell production.
FREYR Battery has announced the acquisition of a site in Coweta County, Georgia, for its Giga America battery manufacturing facility. The project will utilize 24M's SemiSolid™ Lithium-Ion Battery Technology and is expected to begin with a 34 GWh production capacity at a capital investment of $1.7 billion. Total investments could exceed $2.6 billion by 2029, creating over 720 jobs. The company is pursuing financial incentives from the state and plans to enhance its U.S. production capabilities amid increasing demand for energy storage solutions.
FREYR Battery (NYSE: FREY) will announce its third quarter 2022 results on November 14, 2022. The press release will be issued at 6:00 AM EST, followed by a conference call at 7:30 AM EST. Interested participants can join by dialing in or accessing a webcast available on the company's website. FREYR focuses on producing clean battery solutions to aid in global emissions reduction and has plans to install significant battery cell capacities by 2025, 2028, and 2030.
FREYR Battery (NYSE: FREY) has announced a new service agreement with ITOCHU Corporation, aimed at enhancing its procurement and supply chain operations. ITOCHU will provide direct materials supply, leveraging its global network to benefit FREYR as it gears up for large-scale battery production. This collaboration builds on a 2020 Memorandum of Understanding and comes as FREYR moves toward initial production at its Customer Qualification Plant in Norway. Both companies are also investors in 24M Technologies, enhancing their production efficiency.
FREYR Battery (NYSE: FREY) has entered a licensing agreement with Aleees, a Taiwan-based manufacturer of lithium-iron phosphate (LFP) cathode materials. This agreement allows FREYR to use Aleees’ technology for LFP production, which is essential for its Giga Arctic facility in Norway. The collaboration aims to establish a localized supply chain, facilitating a sustainable and decarbonized battery production process. FREYR plans to commence LFP production in 2024, supporting both its Giga Arctic and Giga America projects to meet rising global demand for battery materials.
FREYR Battery (NYSE: FREY) has signed an agreement with HENT AS, a leading Norwegian contractor, to manage the construction of its Giga Arctic battery factory in Mo i Rana, Norway. This partnership marks a significant milestone in FREYR's objective to establish clean battery production. The agreement follows an initial collaboration in December 2021 and initiates the second phase of Giga Arctic's development, aimed at enhancing battery cell production capabilities. FREYR plans to achieve 50 GWh of battery cell capacity by 2025 and 100 GWh by 2028.
FREYR Battery (NYSE: FREY) has signed a strategic agreement with Mpac Group for automated casting and unit cell assembly equipment for its battery production facilities in Norway. The three-year agreement emphasizes collaboration and technical development, ensuring high-quality battery cells for FREYR's Giga Arctic project. The partnership builds on previous work at FREYR's Customer Qualification Plant, aiming to accelerate battery cell production and sustainability. This agreement complements existing contracts with key equipment suppliers, reinforcing FREYR's capacity strategy for its Gigafactories.
FREYR Battery (NYSE: FREY) has partnered with NTE Process from Italy to provide a complete drying and powder handling system for its upcoming Giga Arctic battery cell factory in Norway. NTE Process will supply automated solutions that ensure safe and efficient powder transfer during battery production. This collaboration builds on NTE Process's involvement in FREYR’s Customer Qualification Plant in Norway. FREYR aims for significant battery production capacity, planning to install up to 200 GWh by 2030, contributing to its mission of reducing global emissions through clean battery solutions.
FREYR Battery has finalized a binding sales contract with Nidec Corporation to supply 38 GWh of clean LFP Li-Ion battery cells from 2025 to 2030, with potential upsizing to 50 GWh. This deal is valued at over
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