FREY - FREYR Battery up after announcing $112M grant
2023-07-13 14:08:30 ET
FREYR Battery ( NYSE: FREY ) rose 3.65% on Thursday afternoon after the company said it was awarded a €100M ($112M) grant from the EU to support the development of its Giga Arctic project in Norway.
The grant, funded through the EU’s Innovation Fund, is part of the region’s efforts to promote localized production of battery solutions.
Giga Arctic has been under construction for over a year and is designed to be a 29GWh nameplate capacity facility powered with 100% renewable hydroelectricity.
The annual production at the planned Giga Arctic facility could enable FREYR’s ( FREY ) customers to mitigate 80 million tons of CO2 emissions over the batteries’ lifetime.
In May, for the first quarter, the company reported Q1 GAAP EPS of -$0.09, which beat estimates by $0.22.
Shares of FREY are up 17% year-to-date. The company has four Strong Buy ratings from Wall Street analysts, three Buys and one Hold.
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FREYR Battery up after announcing $112M grant