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FREYR Battery (FREY) Stock Moving Forward in the Premarket, Here’s the Reason

FREYR Battery (FREY) is a provider of industrial-level clean battery solutions. The main focus of the company is the reduction of global carbon emissions by providing green energy storage battery cells for electric mobility and marine applications. The company intends to provide approximately 43 GWh battery cell capacity by 2025.

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The price of FREY stock during the regular trading on January 18, 2022, was $8.65 with a sharp drop of 7.39%. At last check in the premarket on January 19, 2022, the stock was significantly up by 9.83%.

FREY: Events and Happenings

On January 19, 2022, FREY reported about the strategic collaboration with Honeywell and the company will leverage Honeywell’s innovative tech expertise such as integrated automation and security integration in its production process. Honeywell will acquire 19 GWh of battery cells manufactured by the company from 2023 to 2030.

FREY: CEO Comments

Speaking at the occasion, FREY CEO Tom Einar Jensen said that Honeywell is the best collaborator with leading teams, technology, and expertise to decarbonize the global energy network. He further added that collaboration will play a pivotal role to a potential first half 2022 Final Investment Decision on the company’s pioneer Gigafactory.

On January 11, 2022, FREY and Aleees reported about their joint venture for the establishment of the LFP cathode portfolio in the Nordic region with the commencement of production in 2024. On December 16, 2021, FREY reported about the execution of its initial offtake contract of 31 GWh green battery cells with a leading international manufacturer and energy storage systems provider.

On December 8, 2021, FREY reported about the collaboration of one of its partners with Volkswagen Group for the production of lithium-ion next-generation EV batteries utilizing the SemiSolid program. On November 23, 2021, FREY reported about its membership in the Fair Cobalt Alliance to highlight the company’s pledge to develop a sustainable international battery business.

On November 15, 2021, FREY reported about its entry into a partnership with Glencore International AG for providing approximately 1,500 metric tons of best quality, sustainable cobalt metal cut cathodes prepared from partially recycled cobalt.

FREY: Key Financials

On November 15, 2021, FREY reported its financial results for the third quarter of the fiscal year 2021. Some of the key updates are as follows.

Net Loss per Share

Basic and diluted net loss for Q3 2021 was $45.4 million or $0.42 per share versus $2.5 million or $0.07 per share in the same quarter the prior year.

Assets

The total current assets of the company for Q3 2021 were reported to be $630 million.

Conclusion

The incline in the stock price of FREY from the last six months period is 4%. The analysts are suggesting that the company is in a good state to attract potential stockholders and investment. The current premarket increase in the stock price is because of the company’s recent announcement regarding its collaboration for the deployment of energy storage solutions. The analysts are predicting that the company’s continuously rising stock price will bring more investment opportunities for the company.

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