Freyr Battery Stock Price, News & Analysis

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.

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.