FREYR Battery, Inc. - FREY STOCK NEWS

FREYR Battery (NYSE: FREY) has formed a strategic alliance with South Korea’s Hana Technology Co. Ltd to co-develop equipment for its Customer Qualification Plant in Norway and planned Gigafactories. This partnership aims to enhance battery cell production through custom automation solutions, including improvements in quality control and waste reduction. FREYR, which is committed to sustainable battery production, plans to install 50 GWh of battery cell capacity by 2025 and 100 GWh by 2028, leveraging Hana Technology's expertise in automation.

FREYR Battery (NYSE: FREY) has appointed Michael J. Brose as the new Vice President of U.S. Operations, underscoring its strategic focus on the U.S. market. Brose, previously the plant manager for WR Grace, brings extensive operational experience. Following the Inflation Reduction Act, FREYR is expediting the development of its U.S. Gigafactory, Giga America, with site selection narrowed to five candidates. The company aims to install up to 200 GWh of annual battery capacity by 2030.

FREYR Battery (NYSE: FREY) has launched its first U.S. technology center in Boston as part of its expansion efforts. This initiative aligns with its joint venture with Koch Strategic Platforms to develop Giga America, a Gigafactory in the U.S. The company aims to establish a robust presence in the American market, enhancing collaboration with partners like 24M Technologies. With conditional agreements in place with Honeywell and Powin Energy, FREYR plans to accelerate its U.S. growth and aims to produce 50 GWh of battery capacity by 2025.

FREYR Battery (NYSE: FREY) has established its first Asia location in Fukuoka, Japan, marking a significant expansion in its clean battery development. This new technology resources campus will focus on the development and testing of the 24M Technologies battery platform. The facility aims to enhance laboratory-scale testing and recruit experienced engineering talent, leveraging Japan's expertise in lithium-ion battery development. Additionally, it will strengthen collaborations with regional 24M licensing partners and suppliers.

FREYR Battery (NYSE: FREY) reported its Q2 2022 financial results, achieving a net income of $4.7 million compared to a net loss of $34.9 million in Q1. The company has begun construction on its Giga Arctic facility in Norway, with a nameplate capacity of 29 GWh, and initiated financing processes for the project. FREYR's Giga America project aims for 35 GWh capacity. Support from the Norwegian government includes €400 million in loan guarantees. Cash reserves stand at $488.4 million, with future plans to expand battery production capacity to over 200 GWh by 2030.

FREYR Battery (NYSE: FREY) plans to release its second quarter 2022 results on August 8, 2022, at 6:00 AM EDT, followed by a conference call at 7:30 AM EDT. The call's access details are provided, including dial-in numbers for the U.S. and the UK. FREYR focuses on clean battery solutions to support global decarbonization efforts, with ongoing factory developments in Norway, Finland, and the U.S. The company aims for significant production capacity increases, targeting up to 43 GWh by 2025, over 83 GWh by 2028, and more than 200 GWh by 2030.

FREYR Battery has approved the expansion of its Giga Arctic project in Mo i Rana, Norway, increasing its plant capacity to 29 GWh. This enhancement is backed by over $1.6 billion in identified debt financing, supported by the Norwegian government's National Battery Strategy and Eksfin's loans of up to EUR 400 million. The Giga Arctic facility aims to meet growing battery demands, with expected annual revenue of $2 billion and plans to contract 50% of its capacity to long-term partners.

FREYR Battery (NYSE: FREY) hosted the launch of Norway's National Battery Strategy at its giga factory location in Mo i Rana. The strategy aims to develop a profitable battery value chain, enhancing Norway's attractiveness for battery investments. Minister of Trade and Industry Jan Christian Vestre is set to present ten measures to boost battery production, recycling, and sustainable mineral extraction. The initiative aligns with Norway's goal to increase exports and reduce greenhouse emissions significantly by 2030, indicating positive prospects for FREYR Battery's operations.