Freyr Battery Stock Price, News & Analysis

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 $3 billion and marks a significant step for FREYR’s Giga Arctic development, which aims to produce 29 GWh. Additionally, both companies will establish a joint venture to provide low carbon energy storage solutions. This partnership aligns with FREYR's goals to expand production capacity and enhance competitiveness in the energy storage sector.

FREYR Battery (NYSE: FREY) announced a press conference at ONS Stavanger on August 30 at 8:00 AM CET (2:00 AM EST). The meeting will discuss their clean battery cell production initiatives, crucial for reducing global emissions. A webcast of the press conference will be available for those unable to attend physically. FREYR aims to establish industrial-scale battery solutions with plans to install up to 200 GWh of battery cell capacity by 2030, contributing significantly to the decarbonization of energy and transportation systems.

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.