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Business

Akanksha Bakshi

FREYR Stock Jumps On Battery Cell Collaboration With Honeywell

FREY (Organization) HON FREYR Honeywell Honeywell International Inc NYSE

Honeywell International Inc (NASDAQ:HON) and FREYR Battery SA (NYSE:FREY) have inked an agreement to deploy energy storage solutions via next-generation battery cells.
As part of the collaboration, Honeywell will purchase 19 GWh of battery cells produced by FREYR from 2023 through 2030 for a multitude of energy storage systems applications. Financial terms not disclosed.
FREYR will leverage Honeywell's technology offerings, including integrated automation, field instrumentation, and security integration solutions in their manufacturing process.
Honeywell and FREYR intend to provide smart energy storage solutions to address the needs of a wide range of commercial and industrial customers alike.
Price Action: HON shares closed lower by 1.87% at $213.59 on Tuesday, and FREY is trading higher by 10.3% at $9.54 in premarket on the last check Wednesday.

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