FREYR Battery ( NYSE: FREY ) poked out a small gain on Monday after Cowen initiated coverage with an Outperform rating.
Analyst Gabe Daoud and team said the electric vehicle charging stock stands out as a well-positioned lithium-ion stock play.
FREY is seen leveraging the MIT spin-out 24M's mature technology, management's manufacturing expertise and a clean Nordic grid to deliver low-cost and low-emission batteries to the undersupplied ESS market.
Cowen also noted that FREY is targeting 200 GWh of capacity by 2030 including U.S. expansion. The company is expected to attact more attention from investors after demand for energy storage applications moves ahead of lithium-ion capacity.
The firm expects adjusted EBITDA losses for FREYR Battery through 2023, but thinks external capital and new joitn ventures will provided financial support.
Shares of FREY moved up 0.92% to $13.13 vs. the 52-week trading range of $6.42 to $16.91.
Read the breakdown on FREYR from Seeking Alpha authors .
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FREYR Battery is called a long-term EV winner by Cowen