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

October 24, 2024

DENVER, Colo., 24 October, 2024 (247marketnews.com) – (NYSE:FREY) are discussed in this article.
FREYR Battery, Inc. (FREY) is currently witnessing a significant surge in its stock price, marking an 11.39% increase in pre-market trading, bringing the share price to $1.125 from a previous close of $1.010. This notable uptick indicates strong demand from investors, fueled by a high trading volume of 1.60 million shares. Technical indicators suggest the potential for continued bullish momentum, with a possible breakout above resistance levels that could attract further market interest. The prevailing market sentiment is optimistic, likely influenced by positive developments regarding the company’s future performance and prospects in the renewable energy landscape.

In a significant development, FREYR Battery recently announced its selection for a substantial €122 million grant from the European Union Innovation Fund (EUIF). This funding is set to support the company’s joint venture in Cathode Active Materials (CAM) manufacturing, further emphasizing FREYR’s commitment to sustainable battery technology advancements. Tom Einar Jensen, Co-founder and CEO, expressed gratitude for the EU’s recognition, highlighting the grant as a testament to the company’s ongoing efforts in industrializing sustainable battery value chain solutions.

The financial backing will enable the establishment of an industrial-scale LFP CAM facility, which aims to achieve an initial production capacity of 30,000 tons per year. This development is crucial to FREYR’s mission of contributing to the decarbonization of global energy systems. The formal approval of the grant is subject to the completion of certain criteria expected by the first quarter of 2025. As FREYR engages with collaborators and stakeholders, the project is anticipated to enhance the entire battery supply chain, solidifying its position as a leader in innovative energy solutions worldwide.

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