Freyr Battery Stock Price, News & Analysis

Honeywell and FREYR Battery announced a collaboration to enhance energy storage solutions through the utilization of Honeywell's technology. The agreement includes Honeywell purchasing 19 GWh of battery cells from FREYR, intended for various energy storage applications from 2023 to 2030. This partnership aims to address the growing demand for clean energy storage systems, leveraging both companies' expertise in manufacturing and automation. The project is pivotal to the transition towards renewable energy, with plans for a potential investment decision on FREYR's gigafactory in Norway.

Honeywell (NASDAQ: HON) and FREYR Battery (NYSE: FREY) announced a strategic agreement aimed at integrating Honeywell's advanced technology in FREYR's battery manufacturing process. The partnership involves Honeywell purchasing 19 GWh of battery cells from FREYR between 2023 and 2030 for various energy storage applications. This collaboration aims to deliver smart energy storage solutions for commercial and industrial sectors. The move positions both companies favorably in the transition towards renewable energy and decarbonization efforts.

FREYR Battery (NYSE: FREY) and Aleees (TWSE: 5227) have signed a Head of Terms agreement for a Joint Venture (JV) to establish the world's first giga-scale LFP cathode plant outside China, in the Nordic region. Production is set to begin in 2024, with an initial output of 10,000 tonnes per year, expanding to at least 30,000 tonnes by 2025. The JV aims to create a localized Nordic supply chain, reducing CO₂ emissions by 50,000 tonnes annually and enhancing economic benefits for both FREYR and the region.

FREYR Battery (NYSE: FREY) has secured its first offtake agreement for a minimum of 31 GWh of low-carbon battery cells, marking a significant milestone for the company. The agreement with a leading global energy storage systems manufacturer is projected to generate approximately $3 billion in potential revenue from 2023 to 2028. This collaboration aims to leverage innovative technology to enhance the fast-growing energy storage market. FREYR plans to manufacture these cells at its Norwegian facilities, contributing significantly to its Gigafactory 1 production.

FREYR Battery (NYSE: FREY) welcomes a strategic partnership between its collaborator, 24M Technologies, and Volkswagen Group to develop next-generation lithium-ion EV batteries utilizing 24M's SemiSolid™ platform. VWAG will invest in 24M and create a subsidiary to advance production technology for these battery cells. This collaboration is pivotal for FREYR, enhancing its long-term strategy to accelerate electric vehicle adoption. FREYR holds a license to produce unlimited battery cells based on 24M's technology, ensuring access to ongoing R&D developments.

FREYR Battery (NYSE: FREY) announced that CEO Tom Einar Jensen will join the delegation of the Crown Prince of Norway during his visit to New York on December 6 and 7. Jensen will participate in a panel discussion focused on financing the green transition at the New York Stock Exchange, alongside other industry leaders. FREYR plans to develop up to 43 GWh of battery cell production capacity by 2025, with a total ambition of 83 GWh by 2028. A joint venture with Koch Strategic Platforms aims for an initial 50 GWh of battery manufacturing capacity in the U.S.

FREYR Battery (NYSE: FREY) has joined the Fair Cobalt Alliance (FCA), emphasizing its commitment to sustainable cobalt sourcing. The FCA aims to promote fair artisanal mining practices in the Democratic Republic of Congo, addressing worker conditions and community development. CEO Tom Einar Jensen highlighted the alliance's importance for safe and sustainable cobalt supply, aligning with FREYR's goal of producing low-cost, low-carbon battery cells. FREYR plans to develop up to 83 GWh of battery cell production capacity by 2028, positioning itself as a key player in Europe's battery industry.

FREYR Battery (NYSE: FREY) has signed a contract with Glencore for up to 1,500 metric tons of sustainably sourced cobalt from Glencore’s Nikkelverk facility in Norway. This agreement follows a previous Letter of Intent from February 2021 and aims to support FREYR’s battery production with recycled cobalt while minimizing carbon footprints. The collaboration will explore further supply opportunities, including nickel and battery scrap recycling. FREYR plans to achieve significant battery cell production capacity by 2025 and aims for a sustainable battery value chain.

FREYR Battery (NYSE: FREY) reported its Q3 2021 financial results, revealing a net loss of $45.4 million or $0.42 per share, an increase from a net loss of $2.5 million or $0.07 per share in Q3 2020. The company is negotiating conditional offtake agreements representing over 150 GWh of demand and has completed concept selection for Gigafactories 1 and 2, aiming for production start in 2H 2023. The formation of a joint venture with Koch Strategic Platforms signals a commitment to developing 50 GWh of battery cells in the U.S. As of September 30, 2021, FREYR had $623.5 million in cash resources.