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

December 24, 2024

DENVER, Colo., 24 December, 2024 (247marketnews.com) – (NYSE:FREY) are discussed in this article.
FREYR Battery, Inc. is witnessing remarkable activity in the stock market, with shares opening at $2.60 and currently trading at $3.068, marking an impressive gain of 19.84%. This surge follows a previous session close of $2.560, emphasizing strong upward momentum driven by increased investor interest, reflected in a substantial trading volume of 5.66 million shares. Traders are advised to monitor key support and resistance levels, as well as any forthcoming announcements that may influence the stock’s trajectory.

In a significant development, FREYR has successfully completed its acquisition of U.S. solar manufacturing assets from Trina Solar Co. Ltd., signaling a crucial advancement in its growth strategy within the renewable energy sphere. This acquisition includes a state-of-the-art 5 GW solar module manufacturing facility, expected to commence production and reach full capacity by the latter half of 2025. Importantly, 30% of the anticipated production volume is secured through firm offtake contracts with U.S. customers, underscoring the operational viability of this strategic move.

Valued at approximately $430 million, the acquisition not only boosts FREYR’s production capabilities but also establishes a solid foundation for future expansion. With robust global supply chains and advanced technological resources, the company aims to deliver a comprehensive solar technology solution, addressing existing market challenges and reinforcing local content requirements for solar projects.

FREYR projects an EBITDA guidance of $75 – $125 million for 2025, forecasting an integrated solar module production run rate of $650 – $700 million. Additionally, the company is actively pursuing plans for a new solar cell manufacturing facility anticipated to commence construction in mid-2025. This strategic acquisition is poised to generate up to 1,800 direct jobs, affirming FREYR’s commitment to delivering sustainable energy solutions and enhancing shareholder value while solidifying its competitive position in the evolving U.S. solar and battery storage markets.

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