24/7 Market News Snapshot 06 November, 2024 – FREYR Battery, Inc. (NYSE:FREY)

November 6, 2024

DENVER, Colo., 06 November, 2024 (247marketnews.com) – (NYSE:FREY) are discussed in this article.
FREYR Battery, Inc. is experiencing a notable surge in pre-market trading, with shares rising to $1.299, reflecting a remarkable 23.71% increase from the previous close of $1.050. This upward momentum signals heightened investor enthusiasm, evidenced by a trading volume of 1.33 million shares. As confidence swells around sustainable energy solutions, market participants should monitor this trend closely as FREYR solidifies its role in the battery sector.

In addition to the impressive trading performance, FREYR Battery has made a strategic move aimed at advancing its position within the renewable energy market. The company has announced plans to acquire U.S. solar manufacturing assets from Trina Solar Co. Ltd. for approximately $340 million. This acquisition is poised to transform FREYR into a leading integrated solar technology company in the U.S.

Included in the transaction is a cutting-edge 5 GW solar module manufacturing facility set to begin production in late 2024, with a full ramp-up expected by 2025. The facility will cater exclusively to U.S. customers, enhancing domestic solar energy development. Complementing this acquisition, FREYR plans to build an additional 5 GW solar cell manufacturing plant, with construction anticipated to commence in the second quarter of 2025. These initiatives are expected to create up to 1,800 direct jobs and stimulate local economies by addressing substantial market demands.

The integration will also bring organizational changes, with Daniel Barcelo stepping in as the new Chief Executive Officer and Chairman of the Board, alongside key executive appointments to enhance strategic direction. With an anticipated EBITDA guidance of $75 to $125 million for 2025 and a projected run rate of $175 to $225 million by year-end, FREYR Battery is well-positioned to drive significant advancements in solar manufacturing and sustainability.

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