FREY - FREYR Battery announces key achievements ahead of Capital Markets Day

2023-06-27 06:57:46 ET

FREYR Battery ( NYSE: FREY ) released a list of the company's key achievements ahead of a Capital Markets Day event schedule for Tuesday.

The Luxembourg-based company noted that it assembled and successfully charged its first semi-automated battery unit cells at the Customer Qualification Plant, providing Giga Arctic and Giga America financing updates.

FREYR ( FREY ) also announced technology diversification progress including a Heads of Terms agreement with Sunwoda Mobility Energy Technology Co. and received indication that a major passenger vehicle OEM intends to join FREYR’s recently formed Energy Transition Acceleration Coalition.

Of note, FREYR has received an indication that a major passenger vehicle OEM intends to join FREYR’s strategic energy transition coalition alongside Caterpillar, Glencore Plc, Siemens AG, and Nidec Corporation. The partnership between FREYR and the auto manufacturer is expected to encompass a strategic alliance with the ambition to jointly produce fit-for-purpose passenger EV batteries.

CEO update: "The semi-automated assembly and successful testing of our first unit cells is a major achievement for FREYR which paves the way for our operations and technology personnel to ramp process automation, battery cell production, and testing of produced cells to supply our customers with samples in H2 2023. When coupled with an indicated support package from the Norwegian Government for Giga Arctic, continued progress with our financing initiatives for Giga America, and a growing universe of strategic partnerships across an increasingly robust pipeline of customer opportunities and use cases for our products, the remainder of 2023 and beyond holds enormous promise for FREYR and our valued stakeholders."

FREYR Battery ( FREY ) is hosting the company’s inaugural Capital Markets Day on Tuesday live from the New York Stock Exchange where additional updates will be provided.

Shares of FREYR Battery ( FREY ) moved up 1.65% in premarket trading on Tuesday.

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