Freyr Battery - FREY STOCK NEWS

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.

FREYR Battery (NYSE: FREY) has announced Austin, Texas as its new global headquarters location, strategically aligning with its U.S. operations and solar module production strategy. The headquarters will be located at 1211 E 4th St., Austin, TX 78746, positioning the company near its operating facility in Wilmer, Texas, which currently employs over 1,000 people across the Wilmer and Dallas communities.

The company plans to create more than 1,000 new American jobs in the Texas economy as part of its strategy to build an integrated solar + battery storage manufacturing network. Additionally, FREYR has entered into an agreement to sell its 368-acre site in Coweta County, Georgia, for $50 million, with expected net proceeds of $22.5 million after repaying state and local grants. The transaction is scheduled to close on February 15, 2024.

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) reported Q3 2024 financial results with a net loss of $(27.5) million, or $(0.20) per diluted share, compared to a net loss of $(9.8) million or $(0.07) per share in Q3 2023. The increased loss was primarily due to a $1.1 million warrant liability fair value adjustment and a $4.5 million restructuring charge. As of September 30, 2024, the company maintained a strong balance sheet with $184.1 million in cash, cash equivalents, and restricted cash, with no debt.

FREYR Battery (NYSE: FREY) has announced an agreement to acquire Trina Solar's U.S. manufacturing assets for $340 million. The deal includes a 5 GW solar module facility in Wilmer, Texas that began production in November 2024. The transaction combines cash, loan notes, and equity components, including 9.9% of FREYR's outstanding common stock.

FREYR plans to develop an additional 5GW solar cell manufacturing facility in the U.S., targeting production start in H2 2026. The company provides 2025 EBITDA guidance of $75-125 million, expecting to reach a full-year run rate of $175-225 million by end of 2025. Daniel Barcelo has been appointed CEO, while co-founder Tom Einar Jensen will lead FREYR Europe.

Battery X Metals announced significant progress in developing eco-friendly lithium-ion battery material recovery technology in partnership with a Global Top 20 University. Their proprietary froth flotation process showed promising results in recovering battery-grade materials from black mass, with initial tests achieving approximately 45% graphite separation. Multi-stage flotation protocols demonstrated more efficient material separation than single-stage methods. The company plans to pursue provisional patents and aims to license this technology to battery recyclers, adopting a low-capex, scalable business model.

FREYR Battery has been selected by the European Union Innovation Fund for a €122 million grant award to support its potential joint venture Cathode Active Material (CAM) manufacturing project in Vaasa, Finland. The project aims to develop an industrial-scale LFP CAM facility with an initial nameplate capacity of 30,000 tons per year. The grant award's formal finalization is expected during the first quarter of 2025, subject to various criteria. While FREYR focuses on U.S. development, it continues exploring opportunities to unlock shareholder value from assets and projects in Norway and Europe.

FREYR Battery (NYSE: FREY) reported Q2 2024 results, focusing on achieving first revenues and EBITDA by 2025. Key points include:

1. Prioritizing conventional technology and less capital-intensive opportunities for faster commercialization.
2. Reducing cash burn to extend liquidity runway to 36 months.
3. Exploring inorganic growth opportunities.
4. Maintaining long-term focus on 24M SemiSolid™ platform.
5. Reported net loss of $(27.0) million, or $(0.19) per diluted share.
6. Cash, cash equivalents, and restricted cash of $221.5 million, with no debt.

The company's new leadership is committed to accelerating the path to profitability while preserving balance sheet strength.

FREYR Battery (NYSE: FREY) has announced its schedule for the second quarter 2024 earnings release and conference call. The company, which develops next-generation battery cell production capacity, will publish a press release detailing Q2 2024 results on August 9, 2024, at 6:00 am U.S. Daylight Time. A conference call is scheduled for 8:30 am Eastern Daylight Time on the same day.

Participants can join the call using various international dial-in numbers provided. The participant passcode for the call is 4087726. Additionally, a webcast of the conference call will be available for listening at a specified URL. A replay of the webcast will be accessible on FREYR's investor relations website.