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FREYR Battery (FREY)

NYSE - Nasdaq Real-time price. Currency in USD
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6.77-0.16 (-2.31%)
As of 10:36AM EDT. Market open.
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  • G
    Gary
    When the factory opens in the second half, things should get interesting.
  • G
    Gary
    Getting closer.......................
  • F
    Freyr till I die
    Freyr is the most interesting company in the market right now
  • R
    Rolf
    FREYR Battery - FREYR Battery and Statkraft Sign Agreement, Securing Long-Term Supply of Renewable Energy
  • N
    NoYes
    It is in a quarterly report that Freyr Battery has presented the results for the last quarter and also provided an update on the status of the company, what it has achieved so far and what it aims to achieve in the time ahead.

    The report states that the company recorded a net loss of $ 34.9 million during the first quarter, which corresponds to a loss of 30 cents per share. In the last quarter of 2021, the company reported a net loss of $ 28 million, equivalent to a loss of 24 cents per share.

    In total, based on the current exchange rate, this represents a net loss of around NOK 619 million.

    Note: This loss is completely normal for a company of Freyr's size in a start-up phase where production has not yet started. It is further to be expected that it will also take some time before the company is able to report profits for the first time, probably not before production is fully underway.

    As of March 31, the company has a total of $ 524.6 million in funds available, which based on the current exchange rate amounts to NOK 5,165 million. In other words, the company has suffered a loss in the last six months, which amounts to just under a tenth of the available funds.

    Three new agreements in recent weeks

    As Rana Blad reported earlier this week, Freyr Battery has landed an agreement with Powin on the production of battery cells equivalent to 28.5 GWh.

    Freyr enters into a major agreement with an American company

    In addition to this, the quarterly report states that Freyr Battery has secured two more agreements and is in final negotiations for two more. The two that Freyr Battery has secured an agreement with recently will be these two:

    "A leading global storage system company" has signed a letter of intent for the purchase of battery cell products equivalent to 15 GWh in the period 2023 to 2027.

    "A large American renewable energy company" has signed a letter of intent for the purchase of battery cell products equivalent to 10 Gwh.

    It is further stated that the two companies Freyr Battery is in final negotiations with, including a major motor company, together will constitute agreements corresponding to around 100 GWh in battery cell products in expected demand in the period 2024 to 2030.

    With three new letters of intent signed in recent weeks and several other agreements on the way, it now looks like we can soon accelerate the development of the company beyond the two planned gig factories in Mo i Rana, says CEO of Freyr Battery, Tom Einar Jensen, and continues to point out that the company is currently developing rapidly and is constantly discovering new opportunities for collaboration with large, international companies and organizations that can help finance further development.

    Status as of now for Freyr

    In the quarterly report, Freyr Battery further provides an update on how "standing" in the company is at present.

    Here it is stated, among other things, that the company has now secured five agreements with various companies for deliveries of battery cell products. These first five agreements constitute products for around 100 GWh in the period from 2024 to 2030, and this constitutes just over 90 per cent of expected production from the first two factories in Mo i Rana.

    Furthermore, it is expected that this will facilitate a faster development of further production capacity in Norway, the USA and the EU.

    The company is in the final stages of landing final agreements with Honeywell and another, unnamed, international company and is also working with a number of other international financial institutions and government organizations in Norway, the US and the EU to raise additional funding to be able to finance an extended investment in Norway and elsewhere. Here it is mentioned, among other things, that when it comes to the government part of the financing, this can come in the form of a combination of support schemes, transitional loans and ordinary loans.

    With regard to Mo i Rana, it is expected that the construction of the first pilot plant in Mo i Rana will continue and that it will be ready for testing during the second half of 2022. Preparations are further underway when it comes to the construction of the first gig factories in Mo i Rana, and the board of Freyr Battery have approved the use of additional funds to continue the preparations. In addition, the company is working on a detailed project sketch of the factory plans that will be prepared in advance of a final investment decision (FID - Final Investment Decision).
  • M
    Mahamud Hasan
    It's look closer
  • D
    DeWalt
    FREYR secured low cost green energy for their mega factories. A true competitive advantage in my opinion.
  • D
    DeWalt
    Enterprise value of ~325mln (~500mln net cash end of Q1-22). What a joke with all these deals signed.
  • F
    Freyr till I die
    Nice agreement
  • R
    Rolf
    buy time on stocks
  • I
    Ibra
    This Stock is a perfect Buy If you have time till 2025 cause its state Backed norway is so rich but thinks About a Clean Future and at 2025 the battery Parks will BE working Till Then this Stock will BE 5-6-7 Times more worth. Inflation is Not a Problem its state Backed and from norway ✌🏼
  • F
    Freyr till I die
    Any price prediction for the year end?
  • F
    Freyr till I die
    I see that there is a correlation in the battery manufacturing sector. If you have a factory capacity of 1 Gwh then your market cap is around 1 billion dollars. This is correct when the stock market is stable. With this in mind, Freyr has huge upside potential when the 18 Gwh factory will be running next year
  • D
    DeWalt
    In FT
    https://www.ft.com/content/fce7f78c-3834-4895-86d8-5cfe33677ba2

    At present China is the world’s biggest battery manufacturer. However, new European trade rules will make it extremely expensive to import batteries from Asia from 2027, creating an opening for Europe’s homegrown battery makers.
  • V
    Vitemar
    😈FREY🐍 TODAY FINALLY I CHANGED THE BATTERIES AT THE ELEVATORS.....
  • F
    Freyr till I die
    Greetings from Turkey
  • M
    Mike T
    Mullen spent only $3 million and now they claimed to have a solid state battery with 600 mile range. Can this be real? Seems fishy to me.
  • D
    DeWalt
    Just bought some more FREYR. Great progress made so far, bright future and just a victim of market conditions imho.
  • F
    Freyr till I die
    Just sharing ideas why do you guyd dislike my comments :D
  • Y
    Yahoo Finance Insights
    Alussa Energy reached an all time low at 7.57