Freyr Battery Stock Price, News & Analysis

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.

FREYR Battery (NYSE: FREY) has signed a reservation agreement with Changzhou Senior New Energy Materials Co., Ltd. and Senior Material (Europe) AB for the supply of separator materials for its Customer Qualification Plant and upcoming Gigafactories in Norway. The agreement ensures sufficient supply through 2028, with an option to extend to 2031. This partnership aims to enhance local sourcing and minimize carbon emissions, aligning with FREYR's mission to produce clean battery solutions. The material capacity reservations begin in 2023.

FREYR Battery announced the resignation of board member German Curá, effective by August 1, 2022. Curá stepped down for personal reasons and had no disagreements with the company. The Chairman, Torstein Dale Sjøtveit, expressed gratitude for Curá's contributions. FREYR Battery is focused on providing clean battery solutions to reduce global emissions, with plans to deliver up to 43 GWh of battery cell capacity by 2025 and 83 GWh by 2028 as it builds factories in Norway and explores expansions in Finland and the U.S.

FREYR Battery (NYSE: FREY) has signed a binding Heads of Terms with Statkraft, Europe's largest renewable energy producer, to secure a long-term supply of renewable power for its battery cell production project in Mo i Rana, Norway. The agreement is projected to fulfill FREYR's electricity needs from 2024 to 2031, providing up to 23 MW baseload power, totaling 1.4 TWh over the contract period. This deal supports FREYR's commitment to producing clean battery cells and minimizing its carbon footprint by utilizing local hydropower resources.

FREYR Battery (NYSE: FREY) announced its 2022 Annual General Meeting (AGM) set for June 15, 2022, at 3:00 PM CET, to be held via video conference from Luxembourg. The company also released its 2021 Annual Report, containing insights on its commitment to Environmental, Social, and Governance (ESG) practices. FREYR aims to produce green battery cells to drive decarbonization, with plans for up to 43 GWh of battery cell capacity by 2025 and 83 GWh by 2028. The report and AGM documents are accessible through the company's website.

FREYR Battery (NYSE:FREY) has signed a temporary land lease for 130 hectares in Vaasa, Finland, aimed at establishing a battery cell production plant. This lease is 40 hectares larger than a previous agreement, reflecting efforts to boost the supply of clean battery solutions. The lease, effective from May 1, 2022, to December 31, 2023, allows for soil investigations ahead of potential construction. FREYR plans to produce up to 83 GWh of battery capacity by 2028, supporting global decarbonization efforts.

FREYR Battery (NYSE: FREY) reported Q1 2022 results, highlighting significant milestones in its clean battery cell production. The company secured conditional offtake agreements with major entities, including a 28.5 GWh deal with Powin LLC and additional agreements totaling 25 GWh for energy storage systems. FREYR commenced pre-construction for its Gigafactory in Norway and is actively negotiating further agreements that could add 100 GWh in demand. Despite a net loss of $34.9 million, the company holds $524.6 million in cash, positioning it well for upcoming growth ambitions.