FREYR Battery ( NYSE: FREY ) stock rose on Friday as Bank of America took a bullish perspective on the stock.
The analysts highlighted “proven cell chemistry” and demonstrated ability to raise capital as key differentiators for the company. Additionally, projects in both the US and Europe either sanctioned or planned, the bank sees significant revenue opportunity ahead.
“Today, it is pre-revenue, and with a likely 12-24 month build time on any gigafactory, will remain so for the time being. But rate of change is coming,” the team told clients. “With one sanctioned project for 29GWh in Norway and a planned 34GWh (and eventually 50GWh) in the US, the company is months from its first major catalyst – manufactured cells from its owned "Customer Qualification Plant". Should these meet certain testing thresholds, FREY expects to turn committed offtake into bankable offtake, opening the doors to project financing that could turn gigascale aspirations into gigascale reality.”
Shares of FREYR Battery ( FREY ) rose 1.54% on Friday.
Read more Morgan Stanley’s more cautious take on the stock .
For further details see:
FREYR Battery initiated at Buy at BofA on realistic upside potential