FREY - Why Freyr Battery Stock Surged Today
2023-10-04 12:18:20 ET
Freyr Battery (NYSE: FREY) stock jumped Wednesday morning and surged to a high of 12.7% after the lithium-ion battery manufacturer hit a milestone at a plant that takes it one step closer to the commercial production of battery cells.
Freyr is currently designing and testing batteries primarily for energy storage and transportation markets, including the electric vehicle market. It is in the final stages of constructing its customer qualification plant (CQP) in Norway, which will eventually produce samples for early customer testing. Freyr is also constructing a gigafactory in Norway called the Giga Arctic, which is expected to start battery production only after the successful start-up of the CQP battery cell production and testing line.
This morning, Freyr announced that it had successfully demonstrated automated casting with solvent slurry to the representatives of Nidec, a Japanese manufacturer of electric motors. This was one of the three important milestones that Freyr must reach before commencing production at CQP.
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Why Freyr Battery Stock Surged Today