Is Freyr battery a vertically integrated company?

FREYR Battery, Inc. (NYSE: FREY) recently announced a strategic pivot from producing battery cells to producing solar modules, having the ambition to become a vertically integrated company also producing solar cells in the U.S. It will achieve this by acquiring the U.S. assets of Chinese solar panel manufacturer Trina.

Who is Freyr battery?

FREYR Battery is a developer of clean, next-generation battery technology production capacity. The Company’s mission is to accelerate the decarbonization of global energy and transportation systems by producing clean, cost-competitive batteries.

Who is Freyr partnering with?

We are proud to be partnered with Trina Solar, a global manufacturing and solar technology leader.” commented Daniel Barcelo, FREYR’s newly appointed Chief Executive Officer. “Domestic manufacturing capacity for solar and batteries is essential for energy transition and job creation.

Is Freyr's pivot to solar energy a prospect to approach cautiously?

Adding uncertainty to the incoming administration's policies and the glut in solar production equipment, FREYR's pivot to solar energy looks like a prospect to approach cautiously. I will watch from afar. Income-oriented individual investor focusing on building a solid dividend portfolio within oil and gas, shipping, energy, and minerals.

When will Freyr buy Trina Solar?

FREYR will acquire Trina Solar’s 5 GW solar module manufacturing facility in Wilmer, Texas, which started production on November 1, 2024. The facility is expected to ramp up to full production in 2025 with production volumes backed by firm offtake contracts with U.S. customers. The transaction is expected to close year end 2024.

What does Freyr do?

The Company’s mission is to accelerate the decarbonization of global energy and transportation systems by producing clean, cost-competitive batteries. FREYR seeks to serve the primary markets of energy storage systems (“ESS”) and commercial mobility in the U.S. and around the world.